Kwek Hong Png Explained

Kwek 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.

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.

Lawsuit

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.

Notes and References

  1. Web site: History . Hong Leong Group . 11 May 2013 . dead . https://web.archive.org/web/20130810125729/http://www.hongleong.com.sg/taxonomy/term/4 . 10 August 2013 . dmy-all .
  2. Web site: Asian Civilisations Museum Receives S$5 million Gift For Expansion of Its China Gallery . news.gov.sg . 11 May 2013 . dead . https://web.archive.org/web/20110812224937/http://www.news.gov.sg/public/sgpc/en/media_releases/agencies/acm/press_release/P-20090407-1/AttachmentPar/0/file/Press%20Release%20-%20Hong%20Leong%20Donation%20For%20ACM%20China%20Gallery.pdf . 12 August 2011 . dmy-all .
  3. Book: Corfield, Justin . Historical Dictionary of Singapore . registration . 346 . 9780810873872 . 2010 . Scarecrow Press .
  4. Book: Chinese Entrepreneurship and Asian Business Networks . 200 . 2012 . Routledge . 9781136002304 . Menkhoff . Thomas . Solvay . Gerke .
  5. Book: 20 . Asiaweek . 1994 . Asiaweek Limited . 16 .
  6. Book: Hamilton, Gary G. . Business Networks and Economic Development in East and Southeast Asia . 1991 . Centre of Asian Studies, University of Hong Kong .
  7. News: Forbes . The man with the golden machine gun . https://web.archive.org/web/20010715145404/http://www.forbes.com/global/2001/0709/046_2.html . dead . 15 July 2001 . Justin . Doebele . Heidi . Brown . 9 July 2001 .
  8. Book: The Dragon Network: Inside Stories of the Most Successful Chinese Family Businesses . John Wiley & Sons . 2010 . 10 . A.B. . Patricia . Susanto . Susanto . 9781118339381.
  9. Book: Studwell, Joe . Asian Godfathers . 21 . 2008 . Grove Press . 9781555848927 .
  10. Book: Studwell, Joe . Asian Godfathers: Money and Power in Hong Kong and South East Asia . 271 . Profile Books . 2010 . 9781847651440 .
  11. Book: Matthews, John A. . Dragon Multinational: A New Model for Global Growth: A New Model for Global Growth . 36 . 2002 . Oxford University Press . 9780195352894 .
  12. Book: The City in Southeast Asia: Patterns, Processes, and Policy . 209 . 2009 . Peter James . Rimmer . Howard W. . Dick . 9789971694265 . NUS Press .
  13. Web site: History . Hong Leong Asia . 11 May 2013 .
  14. Book: Ch'ng, David C.L. . The overseas Chinese entrepreneurs in East Asia: background, business practices and international networks . 1993 . Committee for the Economic Development of Australia . 87 .
  15. Book: Kim, Patrick . Leading Successfully in Asia . 97 . 9783642312878 . Springer . 2013 .
  16. Web site: Portrait of Mr. Kwek Hong Png, founder of Hong Leong Company . https://archive.today/20130616142506/http://sgebooks.nl.sg/image.aspx?id=0c15947f-047a-4c8e-854e-138bd8457b52 . dead . 16 June 2013 . BooksSG . 11 May 2013 .
  17. Book: Overseas Chinese business networks in Asia . 331 . 1995 . East Asia Analytical Unit . Department of Foreign Affairs and Trade . 9780642229601 .
  18. News: Asian Finance . 10 . 7–12 . A new management at Hong Leong . 176 . Asian Finance Publications . 1984 .
  19. News: Los Angeles Times. P.M. BRIEFING : Billionaire Faces Funds Charge. 29 November 1989.
  20. News: The Straits Times. Kwek Hong Png charged with abetting in CBT. 3. 19 October 1989 .
  21. News: Hong Leong founder's case put off for another two weeks. The Straits Times. 16 November 1989. 19.
  22. News: Untitled section, (Obituaries & illustrations) 16 pp.. The Straits Times. 10 November 1994. 1.
  23. News: CNN. The Mystery Man Who Took The Plaza From Donald Trump. Kraar. Louis. 25 December 1995. dead. https://web.archive.org/web/20131203071247/http://money.cnn.com/magazines/fortune/fortune_archive/1995/12/25/208781/. 3 December 2013. dmy-all.

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