Khoo Teck Puat facts for kids
Quick facts for kids
Yang Berbahagia Tan Sri
Khoo Teck Puat
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| 邱德拔 | |
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A bust of Khoo in the lobby of Goodwood Park Hotel, Singapore
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| Born | 13 January 1917 Singapore, Straits Settlements
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| Died | 21 February 2004 (aged 87) |
| Nationality | Singaporean |
| Citizenship | Malaysian (1957–1981) Australian (1981–1994) Singaporean (1994–2004) |
| Alma mater | St Joseph's Institution |
| Known for | Singapore's richest man Philanthropist; fugitive in the banking scandal of the National Bank of Brunei. Son Eric Khoo is a filmmaker and Cultural Medallion recipient. |
| Net worth | S$2.6 billion (2004) (US$1,932,437,000) |
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Tan Sri Khoo Teck Puat (born 13 January 1917 – died 21 February 2004) was a famous banker and hotel owner. He was once the richest man in Singapore. His wealth was estimated at S$4.3 billion (about US$3.2 billion).
Khoo owned the Goodwood Group of special hotels in London and Singapore. He was also the largest single shareholder of the British bank Standard Chartered. Most of his fortune came from shares in Standard Chartered. He bought these shares in the 1980s. This helped stop another bank, Lloyds Bank, from taking over Standard Chartered. The Goodwood Park Hotel in Singapore, built in 1900, is a beautiful historic building he owned.
Around the time of his death in 2004, Forbes magazine ranked Khoo as the 108th richest person in the world. His family's estate later donated S$80 million to the Duke–NUS Medical School.
Contents
Early Life and Education
Khoo Teck Puat started his education at St. Joseph's Institution, Singapore in Singapore in 1930. He studied there until he was 17 years old. After finishing his studies, he got married.
In 1933, he began working as an apprentice bank clerk. He joined the Oversea-Chinese Banking Corporation (OCBC).
Rising in the Banking World
Khoo quickly moved up the ranks at OCBC. He built strong connections with important people, like Tan Chin Tuan. For a year in 1958, Khoo also served as the Chairman of the Central Provident Fund (CPF) Board.
However, he later disagreed with OCBC's leaders. He felt the bank was growing too slowly. He believed it should open more branches in smaller towns in Peninsular Malaya. Because of this difference in opinion, he left OCBC in 1959. At that time, he was the general manager.
Building a Banking Empire
In 1960, Khoo decided to start his own banking journey. He founded Malayan Banking (now known as Maybank) in Kuala Lumpur with some partners. This new bank grew very quickly. Within just three years, it had opened more than 150 branches.
Venturing into Hotels
In 1963, Maybank bought the Goodwood Park Hotel in Singapore. They paid S$4.8 million for it. This was an important step into the hotel business.
From 1964 to 1965, Khoo also served as a senator in the Parliament of Malaysia. This shows his involvement in public life.
Leaving Maybank
In 1965, Khoo was removed from Maybank. This happened under the Malaysian government led by Deputy Prime Minister Tun Abdul Razak. The reason given was that he was putting the bank's money into his own private company in Singapore.
In 1968, Khoo bought Maybank's properties in Singapore. These included the Goodwood Park Hotel and Central Properties. He paid S$50 million for them. Even though he was upset about what happened, he kept his Malaysian citizenship. He stopped being a director of Maybank in 1976.
International Banking and Hotels
Khoo continued to look for new banking opportunities. In the 1960s, he had opened the national bank of Brunei. In 1981, he bought Australia's Southern Pacific Hotel Corporation. This company owned the Travelodge hotel chain. He used money from the National Bank of Brunei for this purchase. He later sold this hotel chain in 1988. This was part of a process to settle financial matters with the Brunei government.
After the former Sultan of Brunei, Omar Ali Saifuddien III, passed away in 1986, the new Sultan, Hassanal Bolkiah, ordered an investigation into the National Bank's finances. The bank was then closed. Khoo had taken large loans from the bank that were not properly secured. He was never officially charged.
Saving Standard Chartered
In 1986, a big opportunity came up for Khoo. The British bank Standard Chartered was facing a hostile takeover by Lloyds Bank. Khoo became one of three important financiers who stepped in to help. He bought a 5% share in Standard Chartered. This move helped stop the takeover. He later increased his share to almost 15%. This made him the largest single shareholder in the bank.
Later Life and Legacy
In 1990, Khoo made a generous donation of S$10 million. This went to the Singapore government's 25th anniversary charity fund. The fund aimed to help children, the elderly, and people with disabilities.
In 2003, Forbes magazine listed him as Singapore's richest businessman.
Khoo Teck Puat passed away in 2004 at Mount Elizabeth Hospital from a heart attack. After his death, it was found that he owned more shares in his companies than had been publicly announced. These companies included Goodwood Park, Hotel Malaysia, and Central Properties. After an investigation, his daughters, Jacqueline and Elizabeth, who held management positions, were fined a total of S$500,000.
Khoo left his shares in Standard Chartered to his children. This was about 11.5% of the bank's shares at the time. In March 2006, his children sold these shares to Temasek Holdings, a Singaporean investment company.
Philanthropy
The modern Khoo Teck Puat Hospital in Singapore is named after him. This honors his contributions and legacy.
Honour
Honour of Malaysia
Malaysia : Commander of the Order of Loyalty to the Crown of Malaysia (P.S.M.) (1966)
