Kwek_Hong_Png

Kwek Hong Png

Kwek Hong Png

Singaporean businessperson

Kwek Hong Png (simplified Chinese: 郭芳枫; traditional Chinese: 郭芳楓; pinyin: Guō Fāng Fēng; Pe̍h-ōe-jī: Koeh Hong-png; 1913 - 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.

In this Chinese name, the family name is Kwek.

Early life

Born in 1913 in Fujian's 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 CNN 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. [1]
    "History". Hong Leong Group. Archived from the original on 10 August 2013. Retrieved 11 May 2013.
  2. [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. [3]
    Corfield, Justin (2010). Historical Dictionary of Singapore. Scarecrow Press. p. 346. ISBN 9780810873872.
  4. [4]
    Menkhoff, Thomas; Solvay, Gerke (2012). Chinese Entrepreneurship and Asian Business Networks. Routledge. p. 200. ISBN 9781136002304.
  5. [5]
    Asiaweek. Vol. 20. Asiaweek Limited. 1994. p. 16.
  6. [6]
    Hamilton, Gary G. (1991). Business Networks and Economic Development in East and Southeast Asia. Centre of Asian Studies, University of Hong Kong.
  7. [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. [8]
    Susanto, A.B.; Susanto, Patricia (2010). The Dragon Network: Inside Stories of the Most Successful Chinese Family Businesses. John Wiley & Sons. p. 10. ISBN 9781118339381.
  9. [9]
    Studwell, Joe (2008). Asian Godfathers. Grove Press. p. 21. ISBN 9781555848927.
  10. [10]
    Studwell, Joe (2010). Asian Godfathers: Money and Power in Hong Kong and South East Asia. Profile Books. p. 271. ISBN 9781847651440.
  11. [11]
    Matthews, John A. (2002). Dragon Multinational: A New Model for Global Growth: A New Model for Global Growth. Oxford University Press. p. 36. ISBN 9780195352894.
  12. [12]
    Rimmer, Peter James; Dick, Howard W. (2009). The City in Southeast Asia: Patterns, Processes, and Policy. NUS Press. p. 209. ISBN 9789971694265.
  13. [13]
    "History". Hong Leong Asia. Retrieved 11 May 2013.
  14. [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. [15]
    Kim, Patrick (2013). Leading Successfully in Asia. Springer. p. 97. ISBN 9783642312878.
  16. [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. [17]
    East Asia Analytical Unit (1995). Overseas Chinese business networks in Asia. Department of Foreign Affairs and Trade. p. 331. ISBN 9780642229601.
  18. [18]
    "A new management at Hong Leong". Asian Finance. Vol. 10, no. 7–12. Asian Finance Publications. 1984. p. 176.
  19. [19]
    "P.M. BRIEFING : Billionaire Faces Funds Charge". Los Angeles Times. 29 November 1989.
  20. [20]
    "Kwek Hong Png charged with abetting in CBT". The Straits Times. 19 October 1989. p. 3.
  21. [21]
    "Hong Leong founder's case put off for another two weeks". The Straits Times. 16 November 1989. p. 19.
  22. [22]
    "Untitled section, (Obituaries & illustrations) 16 pp". The Straits Times. 10 November 1994. p. 1.
  23. [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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