Kwek Hong Png

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In this Chinese name, the family name is Kwek.

Kwek Hong Png (simplified Chinese: 郭芳枫; traditional Chinese: 郭芳楓; pinyin: Guō Fāng Fēng; Pe̍h-ōe-jī: Koeh Hong-png; 1912 - 8 November 1994) was a Singaporean businessperson, known for establishing Hong Leong Group, of which he was also chairperson. Kwek became one of the world's richest men, with an estimated net worth of S$3 billion before his retirement in 1984.

Early life

Born in 1912 in

Tung Ann district[1][2] to a miserly farmer,[3] Kwek arrived in Singapore in 1928 from Fujian.[4] He first started out as a shop helper[5] at his brother-in-law's hardware firm.[6] His monthly salary then was just $5[1] and he reportedly slept on the floors of the store.[7] During World War II, Kwek became rich by trading construction materials.[8] He also participated in smuggling basic goods[9] and traded with Japanese merchants.[10]

Career

Founded in 1941,[11] the Hong Leong Group was originally a trading company that supplied basic construction materials[12] and rubber.[13] Wanting to work as a team, Kwek subsequently beckoned his three brothers to join Hong Leong.[14][15] Becoming chairman of the organisation in 1956,[16] Kwek retired in 1984;[17] before that, his net worth was estimated by Forbes to be worth S$3 billion.[18] He was also ranked one of the wealthiest men in the world by Forbes.[19]

Lawsuit

The Kwek Hong Png Wing of the Asian Civilisations Museum opened in 2015

In November 1989, a lawsuit was filed against Kwek for the misuse of funds as well as abetment.[19] Represented by G. P. Selvam, Kwek was later found guilty of the charges, with a pending charge of "dishonestly receiving stolen property". Kwek was later allowed bail set at a million dollars.[20] Kwek's passport was also seized as a precaution.[21]

Death and legacy

Kwek died in 1994, aged 82.[22] Louis Kraar of Fortune described Kwek as "Singapore's leading developer".[23] His empire was later inherited by his son, Kwek Leng Beng.[4]

In 2003 a gallery displaying Chinese artefacts at the Asian Civilisations Museum was named after Kwek, and in 2015, following renovations to the museum, a new wing called the Kwek Hong Png Wing was opened.

References

  1. ^ a b "History". Hong Leong Group. Archived from the original on 10 August 2013. Retrieved 11 May 2013.
  2. ^ "Asian Civilisations Museum Receives S$5 million Gift For Expansion of Its China Gallery" (PDF). news.gov.sg. Archived from the original (PDF) on 12 August 2011. Retrieved 11 May 2013.
  3. ISBN 9780810873872
    .
  4. ^
    ISBN 9781136002304
    .
  5. ^ Asiaweek. Vol. 20. Asiaweek Limited. 1994. p. 16.
  6. ^ Hamilton, Gary G. (1991). Business Networks and Economic Development in East and Southeast Asia. Centre of Asian Studies, University of Hong Kong.
  7. ^ Doebele, Justin; Brown, Heidi (9 July 2001). "The man with the golden machine gun". Forbes. Archived from the original on 15 July 2001.
  8. ISBN 9781118339381
    .
  9. ISBN 9781555848927
    .
  10. ISBN 9781847651440
    .
  11. ISBN 9780195352894
    .
  12. ISBN 9789971694265
    .
  13. ^ "History". Hong Leong Asia. Retrieved 11 May 2013.
  14. ^ Ch'ng, David C.L. (1993). The overseas Chinese entrepreneurs in East Asia: background, business practices and international networks. Committee for the Economic Development of Australia. p. 87.
  15. ISBN 9783642312878
    .
  16. ^ "Portrait of Mr. Kwek Hong Png, founder of Hong Leong Company". BooksSG. Archived from the original on 16 June 2013. Retrieved 11 May 2013.
  17. ISBN 9780642229601
    .
  18. ^ "A new management at Hong Leong". Asian Finance. Vol. 10, no. 7–12. Asian Finance Publications. 1984. p. 176.
  19. ^ a b "P.M. BRIEFING : Billionaire Faces Funds Charge". Los Angeles Times. 29 November 1989.
  20. ^ "Kwek Hong Png charged with abetting in CBT". The Straits Times. 19 October 1989. p. 3.
  21. ^ "Hong Leong founder's case put off for another two weeks". The Straits Times. 16 November 1989. p. 19.
  22. ^ "Untitled section, (Obituaries & illustrations) 16 pp". The Straits Times. 10 November 1994. p. 1.
  23. ^ Kraar, Louis (25 December 1995). "The Mystery Man Who Took The Plaza From Donald Trump". CNN. Archived from the original on 3 December 2013.
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