Kwek Hong Png
{{Short description|Singaporean businessperson}}
{{EngvarB|date=September 2014}}
{{Use dmy dates|date=September 2014}}
{{Family name hatnote|Kwek|lang=Chinese}}
Kwek Hong Png ({{zh|s=郭芳枫|zh|t=郭芳楓|poj=Koeh Hong-png|p=Guō Fāng Fēng}}; 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 Fujian's Tung Ann district{{cite web |url=http://www.hongleong.com.sg/taxonomy/term/4 |title=History |publisher=Hong Leong Group |access-date=11 May 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130810125729/http://www.hongleong.com.sg/taxonomy/term/4 |archive-date=10 August 2013 |df=dmy-all }}{{cite web |url=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 |title=Asian Civilisations Museum Receives S$5 million Gift For Expansion of Its China Gallery |publisher=news.gov.sg |access-date=11 May 2013 |url-status=dead |archive-url=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 |archive-date=12 August 2011 |df=dmy-all }} to a miserly farmer,{{cite book|title=Historical Dictionary of Singapore |url=https://archive.org/details/historicaldictio0000corf |url-access=registration |page=[https://archive.org/details/historicaldictio0000corf/page/346 346] |last=Corfield |first=Justin |isbn=9780810873872 |year=2010 |publisher=Scarecrow Press }} Kwek arrived in Singapore in 1928 from Fujian.{{cite book|title=Chinese Entrepreneurship and Asian Business Networks |page=200 |year=2012 |publisher=Routledge |url=https://books.google.com/books?id=2bO2UMZx4FAC&pg=PA200 |isbn=9781136002304 |last1=Menkhoff |first1=Thomas |last2=Solvay |first2=Gerke }} He first started out as a shop helper{{cite book|volume=20 |title=Asiaweek |url=https://books.google.com/books?id=RxgNAQAAMAAJ |year=1994 |publisher=Asiaweek Limited |page=16 }} at his brother-in-law's hardware firm.{{cite book|first=Gary G. |last=Hamilton |title=Business Networks and Economic Development in East and Southeast Asia |year=1991 |url=https://books.google.com/books?id=FHu7AAAAIAAJ |publisher=Centre of Asian Studies, University of Hong Kong }} His monthly salary then was just $5 and he reportedly slept on the floors of the store.{{cite news|newspaper=Forbes |url=https://www.forbes.com/global/2001/0709/046_2.html |archive-url=https://web.archive.org/web/20010715145404/http://www.forbes.com/global/2001/0709/046_2.html |url-status=dead |archive-date=15 July 2001 |title=The man with the golden machine gun |first1=Justin |last1=Doebele |first2=Heidi |last2=Brown |date=9 July 2001 }} During World War II, Kwek became rich by trading construction materials.{{cite book|title=The Dragon Network: Inside Stories of the Most Successful Chinese Family Businesses |url=https://books.google.com/books?id=xq18xB7SpPgC&pg=PA10 |publisher=John Wiley & Sons |year=2010 |page=10 |first1=A.B. |first2=Patricia |last2=Susanto |last1=Susanto |isbn = 9781118339381}} He also participated in smuggling basic goods{{cite book|last=Studwell |first=Joe |title=Asian Godfathers |page=21 |year=2008 |publisher=Grove Press |url=https://books.google.com/books?id=720iFSxkII8C&pg=PA21 |isbn=9781555848927 }} and traded with Japanese merchants.{{cite book|title=Asian Godfathers: Money and Power in Hong Kong and South East Asia |url=https://books.google.com/books?id=NwtqxB0GYLwC&pg=PA271 |last=Studwell |first=Joe |page=271 |publisher=Profile Books |year=2010 |isbn=9781847651440 }}
Career
Founded in 1941,{{cite book|url=https://books.google.com/books?id=FalApWB2yAYC&pg=PA36 |page=36 |title=Dragon Multinational: A New Model for Global Growth: A New Model for Global Growth |year=2002 |first=John A. |last=Matthews |publisher=Oxford University Press |isbn=9780195352894 }} the Hong Leong Group was originally a trading company that supplied basic construction materials{{cite book|title=The City in Southeast Asia: Patterns, Processes, and Policy |url=https://books.google.com/books?id=-oIyKT1MOA4C&pg=PA209 |page=209 |year=2009 |first1=Peter James |last1=Rimmer |first2=Howard W. |last2=Dick |isbn=9789971694265 |publisher=NUS Press }} and rubber.{{cite web|url=http://www.hlasia.com.sg/who_milestone.aspx |title=History |publisher=Hong Leong Asia |access-date=11 May 2013 }} Wanting to work as a team, Kwek subsequently beckoned his three brothers to join Hong Leong.{{cite book|url=https://books.google.com/books?id=283sAAAAMAAJ |title=The overseas Chinese entrepreneurs in East Asia: background, business practices and international networks |last=Ch'ng |first=David C.L. |year=1993 |publisher=Committee for the Economic Development of Australia |page=87 }}{{cite book|title=Leading Successfully in Asia |url=https://books.google.com/books?id=_-QQSQSJH2YC&pg=PA97 |page=97 |first=Patrick |last=Kim |isbn=9783642312878 |publisher=Springer |year=2013 }} Becoming chairman of the organisation in 1956,{{cite web |url=http://sgebooks.nl.sg/image.aspx?id=0c15947f-047a-4c8e-854e-138bd8457b52 |archive-url=https://archive.today/20130616142506/http://sgebooks.nl.sg/image.aspx?id=0c15947f-047a-4c8e-854e-138bd8457b52 |url-status=dead |archive-date=16 June 2013 |title=Portrait of Mr. Kwek Hong Png, founder of Hong Leong Company |publisher=BooksSG |access-date=11 May 2013 }} Kwek retired in 1984;{{cite book|url=https://books.google.com/books?id=jueyAAAAIAAJ |page=331 |year=1995 |author=East Asia Analytical Unit |publisher=Department of Foreign Affairs and Trade |isbn=9780642229601 |title=Overseas Chinese business networks in Asia }} before that, his net worth was estimated by Forbes to be worth S$3 billion.{{cite news|newspaper=Asian Finance |volume=10 |number=7–12 |url=https://books.google.com/books?id=_sYSAQAAMAAJ |page=176 |publisher=Asian Finance Publications |year=1984 |title=A new management at Hong Leong }} He was also ranked one of the wealthiest men in the world by Forbes.
Lawsuit
File:Kwek Hong Png Wing, Asian Civilisations Museum, Singapore - 20151114-02.jpg opened in 2015]]
In November 1989, a lawsuit was filed against Kwek for the misuse of funds as well as abetment.{{cite news|newspaper=Los Angeles Times|url=https://www.latimes.com/archives/la-xpm-1989-11-29-fi-289-story.html|title=P.M. BRIEFING : Billionaire Faces Funds Charge|date=29 November 1989}} 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.{{cite news|newspaper=The Straits Times|url=http://newspapers.nl.sg/Digitised/Article/straitstimes19891019.2.7.6.aspx|title=Kwek Hong Png charged with abetting in CBT|page=3|date=19 October 1989 }} Kwek's passport was also seized as a precaution.{{cite news|title=Hong Leong founder's case put off for another two weeks|newspaper=The Straits Times|date=16 November 1989|page=19}}
Death and legacy
Kwek died in 1994, aged 82.{{cite news|title=Untitled section, (Obituaries & illustrations) 16 pp.|newspaper=The Straits Times|date=10 November 1994|page=1}} Louis Kraar of Fortune described Kwek as "Singapore's leading developer".{{cite news|newspaper=CNN|url=https://money.cnn.com/magazines/fortune/fortune_archive/1995/12/25/208781/|last=Kraar|first=Louis|title=The Mystery Man Who Took The Plaza From Donald Trump|date=25 December 1995|url-status=dead|archive-url=https://web.archive.org/web/20131203071247/http://money.cnn.com/magazines/fortune/fortune_archive/1995/12/25/208781/|archive-date=3 December 2013|df=dmy-all}} His empire was later inherited by his son, Kwek Leng Beng.
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.