By Sharen Kaur
Published in NST on March 18, 2015
KUALA LUMPUR: TAN Sri Mokhzani Mahathir, the former vice-chairman of SapuraKencana Petroleum Bhd, and businessman Tan Sri Syed Mokhtar Albukhary slipped in the country's wealthiest ranking list after both saw their wealth reduced by more than half.
Syed Mokhtar, the richest Bumiputera on the list, saw his wealth fall from RM11.07 billion to RM5.23 billion, pushing him two spots down to 8th place.
According to Malaysian Business, which unveiled its annual list of the country's 40 richest people, his wealth dipped as he had taken five of his companies private in the past year.
Mokhzani, the second son of former prime minister Tun Dr Mahathir Mohamad, and one of the founders of SapuraKencana, fell out of the top 10 to number 29 after his wealth dropped to RM1.54 billion.
He resigned recently from SapuraKencana, which will now be led by its chief executive officer, Tan Sri Shahril Shamsuddin, who was ranked as the country's 25th richest, with a net worth of RM1.91 billion.
Shahril's father, Tan Sri Shamsuddin Abdul Kadir of Sapura Group, was ranked 11th on the list with a wealth of RM4.44 billion.
Shamsudin is among five billionaires who returned to the list this year.
The others are Tan Sri Danny Tan Chee Seng of Tropicana Corp Bhd, Tan Sri Desmond Lim of Pavilion REIT, and YTL Corp Bhd's Datuk Yeoh Soo Keng and Datuk Yeoh Soo Min.
There are three new faces in the top 10 list and they are Sabahborn Ong Beng Seng, Rimbunan Hijau's Tan Sri Tiong Hiew King and Tan Sri Panglima Lau Cho Kun of Hap Seng Group.
Ong, the founder of Singapore's Hotel Properties Ltd, jumped to seventh spot from 12th. He is worth RM6.63 billion this year, nearly double that of last year's RM3.53 billion.
Tiong (RM5.1 billion) and Lau (RM4.9 billion) finished at ninth and 10th spots, respectively, up from 11 and 14 a year ago.
Hong Kong-based Robert Kuok Hock Nien, via his flagships Kerry Group and Kuok Group, remains the wealthiest tycoon this year. His wealth, however, fell to RM41.35 billion from RM54.48 billion last year.
Telecommunications tycoon T. Ananda Krishnan maintained his second position for the 11th year running, with his assets held via Usaha Tegas Sdn Bhd worth RM35.5 billion.
Third on the list is Genting Bhd chairman and chief executive Tan Sri Lim Kok Thai, who jumped from seventh position last year, with a wealth of RM25.35 billion.
Banker Tan Sri Quek Leng Chan of Hong Leong Group maintained his fourth position with assets worth RM20.42 billion.
Public Bank Bhd's Tan Sri Teh Hong Piow dropped two rungs to fifth position. His wealth, however, increased from RM18.06 billion last year to RM18.17 billion.
IOI Group's Tan Sri Lee Shin Cheng took the sixth spot with RM13.45 billion in wealth.
The combined wealth of the 40 richest Malaysians, which is based on the value of their stakes in listed firms, grew 6.2 per cent this year to RM236.56 billion, thanks to steady economic growth in the first three quarters of last year.
The monthly business magazine, however, feels that things could be tougher for many of these billionaires and millionaires this year.
Published in NST on March 18, 2015
KUALA LUMPUR: TAN Sri Mokhzani Mahathir, the former vice-chairman of SapuraKencana Petroleum Bhd, and businessman Tan Sri Syed Mokhtar Albukhary slipped in the country's wealthiest ranking list after both saw their wealth reduced by more than half.
Syed Mokhtar, the richest Bumiputera on the list, saw his wealth fall from RM11.07 billion to RM5.23 billion, pushing him two spots down to 8th place.
According to Malaysian Business, which unveiled its annual list of the country's 40 richest people, his wealth dipped as he had taken five of his companies private in the past year.
Mokhzani, the second son of former prime minister Tun Dr Mahathir Mohamad, and one of the founders of SapuraKencana, fell out of the top 10 to number 29 after his wealth dropped to RM1.54 billion.
He resigned recently from SapuraKencana, which will now be led by its chief executive officer, Tan Sri Shahril Shamsuddin, who was ranked as the country's 25th richest, with a net worth of RM1.91 billion.
Shahril's father, Tan Sri Shamsuddin Abdul Kadir of Sapura Group, was ranked 11th on the list with a wealth of RM4.44 billion.
Shamsudin is among five billionaires who returned to the list this year.
The others are Tan Sri Danny Tan Chee Seng of Tropicana Corp Bhd, Tan Sri Desmond Lim of Pavilion REIT, and YTL Corp Bhd's Datuk Yeoh Soo Keng and Datuk Yeoh Soo Min.
There are three new faces in the top 10 list and they are Sabahborn Ong Beng Seng, Rimbunan Hijau's Tan Sri Tiong Hiew King and Tan Sri Panglima Lau Cho Kun of Hap Seng Group.
Ong, the founder of Singapore's Hotel Properties Ltd, jumped to seventh spot from 12th. He is worth RM6.63 billion this year, nearly double that of last year's RM3.53 billion.
Tiong (RM5.1 billion) and Lau (RM4.9 billion) finished at ninth and 10th spots, respectively, up from 11 and 14 a year ago.
Hong Kong-based Robert Kuok Hock Nien, via his flagships Kerry Group and Kuok Group, remains the wealthiest tycoon this year. His wealth, however, fell to RM41.35 billion from RM54.48 billion last year.
Telecommunications tycoon T. Ananda Krishnan maintained his second position for the 11th year running, with his assets held via Usaha Tegas Sdn Bhd worth RM35.5 billion.
Third on the list is Genting Bhd chairman and chief executive Tan Sri Lim Kok Thai, who jumped from seventh position last year, with a wealth of RM25.35 billion.
Banker Tan Sri Quek Leng Chan of Hong Leong Group maintained his fourth position with assets worth RM20.42 billion.
Public Bank Bhd's Tan Sri Teh Hong Piow dropped two rungs to fifth position. His wealth, however, increased from RM18.06 billion last year to RM18.17 billion.
IOI Group's Tan Sri Lee Shin Cheng took the sixth spot with RM13.45 billion in wealth.
The combined wealth of the 40 richest Malaysians, which is based on the value of their stakes in listed firms, grew 6.2 per cent this year to RM236.56 billion, thanks to steady economic growth in the first three quarters of last year.
The monthly business magazine, however, feels that things could be tougher for many of these billionaires and millionaires this year.
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