Page 44 - Forbes - Asia (March 2020)

MALAYSIA’S
50 RICHEST
Lack of Interest

TEH HONG PIOW

9. KUAN KAM HON Public Bank’s chairman emeritus, Teh Hong the central bank would cut interest rates.
Piow, saw his fortune buffeted by headwinds It obliged in May, cutting for the first time
$2.8 BILLION
in Malaysia’s banking industry. Public Bank since 2016, then again in late January, bring-
42 HARTALEGA HOLDINGS “is not immune to the subdued sentiments,” ing its benchmark rate to a nine-year low of
AGE: 72
says Teh, 89, in emailed comments. Aside 2.75%. The coronavirus crisis will also likely

T 10. LAU CHO KUN from global uncertainties, slower growth weigh on growth, and therefore earnings.
“Profitability will be affected for all the
and an interest rate cut in Malaysia have
THE LIS $2.3 BILLION “posed further pressure on banks’ earnings,” banks in the short term at the very least,”
he adds.
says AllianceDBS Research analyst Chin
HAP SENG CONSOLIDATED
Teh saw $1.85 billion shaved off his net
AGE: 84
Public Bank’s stock also reflects lackluster
worth since the last list as shares in the Jin Han in Kuala Lumpur. The decline in
11. FRANCIS YEOH country’s second-largest bank by market results over the past year, he says. In No-
& SIBLINGS value declined roughly 30%. Teh, who re- vember, the bank posted a 1.5% decline in
third-quarter earnings.
tired as chairman last year, started the bank
$1.7 BILLION in 1966, which now has 428 billion ringgit Despite the challenges, Teh remains opti-
($103 billion) in assets. In addition to his mistic. The banking sector will continue to
YTL CORP.
AGE: 65
emeritus title, Teh remains a director and be a key driver in financing popular afford-
advisor to the bank. able housing, and to support the govern-
12. JEFFREY CHEAH With the U.S.-China trade war hurt- ment’s development of the small and mid-

ing growth prospects, investors last spring sized business sector, says Teh in the email.
$1.45 BILLION
began selling Malaysian bank shares in a bet —Jessica Tan
SUNWAY
AGE: 74

13. SYED MOKHTAR

ALBUKHARY Teh Hong Piow (center left) at the bank’s 2018 annual general meeting in Kuala Lumpur.

$1.4 BILLION

DRB-HICOM
AGE: 68

14. LIM WEE CHAI

$1.35 BILLION
TOP GLOVE
AGE: 62

15. G. GNANALINGAM

$1 BILLION
WESTPORTS HOLDINGS
AGE: 75

16. SURIN UPATKOON

$980 MILLION
MAGNUM
AGE: 70
17. TIONG HIEW KING
JOSHUA PAUL/BLOOMBERG

$976 MILLION
OREGON GROUP
AGE: 84

F ORBES A SIA MAR CH 2020