Khoo Teck Puat
Khoo Teck Puat | |
|---|---|
| Born | Template:Birth date |
| Died | February 21, 2004 (aged 87) |
| Occupation(s) | Banker, hotelier |
| Known for | Controlling Goodwood Group; principal shareholder of Standard Chartered |
Tan Sri Khoo Teck Puat (; 13 January 1917 – 21 February 2004) was a prominent banker and hotelier, once recognized as Singapore's wealthiest individual with an estimated net worth of S$4.3 billion (US$3.2 billion). He controlled the Goodwood Group, which manages boutique hotels in both London and Singapore, and was the principal shareholder of British banking institution Standard Chartered. His wealth was predominantly built on shares in Standard Chartered, acquired during the 1980s to thwart a hostile takeover attempt by Lloyds Bank. Among his significant assets was the Goodwood Park Hotel in Singapore, a historic property originally established in 1900 and subsequently restored.
At the time of his passing in 2004, Khoo was ranked as the 108th wealthiest individual worldwide by Forbes. Demonstrating his philanthropic spirit, his estate contributed S$80 million to the Duke–NUS Medical School.
Biography
Khoo began his education at St Joseph's Institution in 1930, completing studies up to standard eight. At age 17, he married and started working as an apprentice clerk at Oversea-Chinese Banking Corporation (OCBC) by 1933. During his tenure at OCBC, he chaired the Central Provident Fund board in 1958. His career advanced swiftly to deputy general manager; however, after a disagreement with Tan Chin Tuan, Khoo departed from OCBC in 1959.
Career
In 1960, Khoo co-founded Malayan Banking (now known as Maybank) in Kuala Lumpur, which experienced rapid expansion, establishing over 150 branches within three years.
Maybank acquired Goodwood Park Hotel in Singapore for S$4.8 million in 1963.
Between 1964 and 1965, Khoo served as a senator in the Malaysian parliament. In 1965, he was removed from Maybank by the Malaysian government led by Deputy Prime Minister Tun Abdul Razak, amid accusations of diverting bank funds to his private enterprise.
In 1968, Khoo purchased Maybank’s Singapore-based assets—including Goodwood Park Hotel and Central Properties—for S$50 million. He resigned from Maybank’s board in 1976.
Khoo acquired Australia's Southern Pacific Hotel Corporation, owner of Travelodge, in 1981 with financing from the National Bank of Brunei, which he had founded during the 1960s. He divested this asset in 1988 amid liquidation efforts to reimburse the Bruneian government following an inquiry initiated by Sultan Hassanal after Sultan Omar’s death in 1986. The investigation involved allegations that Khoo had taken unsecured loans exceeding £300 million; although he was never formally charged, his son received imprisonment related to the case.
In 1986, Khoo acted as a white knight investor by purchasing a 5% stake in British bank Standard Chartered, thereby helping to prevent a hostile bid by Lloyds Bank. He increased his holdings to nearly 15%, becoming the bank’s largest individual shareholder.
Khoo donated S$10 million to Singapore’s charity fund commemorating its 25th anniversary in 1990, benefiting children, elderly citizens, and disabled persons. In 2003, Forbes recognized him as Singapore’s richest businessman.
After succumbing to a heart attack at Mount Elizabeth Hospital in 2004, it became known that Khoo held larger undisclosed stakes in Goodwood Park, Hotel Malaysia, and Central Properties. His daughters Jacqueline and Elizabeth—both serving as company executives—were collectively fined S$500,000. Khoo’s approximately 11.5% shareholding in Standard Chartered was inherited by his children and subsequently sold to Singapore’s Temasek Holdings in March 2006.
Philanthropy
In 1981, Khoo launched the Khoo Foundation with a starting capital of S$20 million. This foundation played a pivotal role by donating S$125 million towards the establishment and management of Alexandra Hospital @ Yishun, which was later renamed Khoo Teck Puat Hospital in 2007.
Honours
- :
- Awarded the title of Commander of the Order of Loyalty to the Crown of Malaysia (PSM), conferring the honorific Tan Sri (1966)
- :
- Bestowed the rank of Knight Grand Commander of the Order of the Crown of Terengganu (SPMT), granting the title Dato' (1965)
Bibliography
- Archibald, J. F.; Haynes, J., The bulletin, Issues 5642–5649, 1988
- Forbes, Bertie Charles, Forbes, Volume 154, Issues 1–5, Forbes Inc., 1994
External links
- Articles with short description
- Articles with hCards
- No local image but image on Wikidata
- 1917 births
- 2004 deaths
- Hokkien businesspeople
- Malaysian billionaires
- Malaysian bankers
- Malaysian chairpersons of corporations
- Saint Joseph's Institution, Singapore alumni
- Singaporean billionaires
- Singaporean businesspeople
- Singaporean chairpersons of corporations
- Singaporean philanthropists
- Singaporean people of Hokkien descent
- Members of the Dewan Negara
- Malaysian company founders
- Knights Grand Commander of the Order of the Crown of Terengganu
- Commanders of the Order of Loyalty to the Crown of Malaysia
- 20th-century Australian philanthropists
- 20th-century Australian businesspeople