grand banks yachts malaysia

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Malaysia ex Machina

• By Kevin Koenig
• Updated: April 27, 2017

Johor Bahru, Malaysia, home of the Grand Banks Yachts factory, is quite literally on the other side of the world from large swaths of America. The time difference between there and the U.S. East Coast is a bracing 13 hours. Undomesticated dogs that resemble coyotes trot treacherously close to highways buzzing with motorbike traffic, each bike in some wild state of disrepair. Just a single degree north of the equator, the city gets baptized by the heavens every day at 4 p.m. during the rainy season. It’s a good time to be indoors. And it’s a particularly good time to be indoors in the Grand Banks ­factory, where visitors are transported from one world back into a whole other one that is clean, modern and tech-forward — all the way through the looking glass, or perhaps in this case, the handlaid fiberglass.

The Ground Floor

The overriding theme among the workers on the Grand Banks factory floor is pride in their skills and happiness with their jobs. There’s a ­surprising amount of longevity in the careers here. The ­woman in the photograph at right is Lily Arabian Bte ­Palalwee. She has been with the company for 22 years, mostly doing paint and varnish work.

She says her favorite part of the job is the people she works with.

“I’m happy here, and my co-workers are happy too,” she says. “There is no tension on the floor. When I ­started here, I was 17 and single. Now I am married and have three children — 11,13 and 17. I don’t know if I could have done that without this job. Also, sometimes they take us out on the boats when they are finished, and this gives me a great feeling of pride in my job.”

After some back-and-forth with a translator, I was able to ascertain that the man in the photograph at left has been with Grand Banks for 20 years, doing mostly varnishing. He clearly took a lot of pride in his work. And his distinct hat keeps things colorful and illustrates the general feeling of bonhomie among the local working class. My translator ran out of English, and my Malay admittedly needs some brushing up, so I couldn’t quite get the backstory on the hat, even though I wanted to learn more. But it didn’t matter. This was a happy, focused man ­fully invested in his work. That much was obvious.

SPOKES ON THE WHEEL

Grand Banks is a much-hallowed builder with a, dare we say, grand tradition. But that doesn’t mean the company isn’t forward-thinking. That attitude was cemented when Grand Banks bought Australia’s Palm Beach Motor Yachts in 2014, in a well-founded effort to round out its product offerings. Now both Palm Beach and Grand Banks yachts, as well as the company’s Eastbay line, are all built in the same facility in Johor Bahru.

Middle of Everything

Grand Banks takes great care to make sure its manual laborers are overseen by highly knowledgeable boatbuilders, many with pedigrees that include long stints at some of the Western world’s top yards. The (mostly) men work closely with the locals to ensure build quality.

One such overseer is David Oliver Smith (at left in the photograph top right), a 54-year-old Irishman who’s been building yachts for 36 years, many of them with Sunseeker. “I train these guys personally,” he says. “You’ve got to get them to the point where you can trust them with their tasks, and I’ve gotten to that point. I trust them. I’m learning their language, and that’s a little gesture, but it goes such a long way in developing trust among co-workers.”

Smith has bounced around the world building boats, and his wife and two daughters live in Australia. So how’d he wind up so far from home, in Malaysia? The Irishman lets a wry grin spread across his face: “Just drinking in the wrong bars, I guess!”

The Tom Berenger look-alike in the photograph at right is Angus Macneil, another supervisor, who hails from New Zealand and has 20-plus years of boatbuilding experience. He echoes Smith’s take on the workforce. “The Malaysians are wonderful people,” he says. “They have the best attitudes, and they’ll do anything for you. The boats we build here are beautiful, and having a workforce like this is a big reason why. And once we get going and things really ratchet up, we’re only going to get better.”

The Grand Banks 60 is at the forefront of the company’s push in a new direction. The yacht, with classic lines, will actually be 65 feet length overall and have a 19-foot-2-inch beam, while drawing 3 feet 6 inches. Among many notable traits, the 60 will have a cruise speed of 32 knots, a top-end of 37 knots, loads of carbon fiber above the sheer line and Express Joystick Systems at three control stations. This is the boat Grand Banks is betting on to forge a bright future.

The Hand That Rocks the Boat

Grand Banks is nothing if not a top-down ­company. When you’re building yachts in a country that doesn’t have a traditionally strong yacht-building culture, you have to import that culture. And when Grand Banks acquired Palm Beach, it did just that. The culture-setting all starts with Mark Richards. At about 6-foot-4 with pale blue eyes and a ­specifically Aussie machismo, Richards is a force of nature with a boating pedigree that humbles most. The eight-time Rolex Sydney Hobart champion knows as much about boats, and boatbuilding, as anyone in the industry. And he’s not the type of CEO who spends all his time out on the golf course slapping backs and making deals.

Richards is often in the factory, greeting all the workers by name and staying on top of details.

“Within a half-hour of seeing this factory, I knew we could make it work,” he says. “It’s a big pool, but I jumped into the deep end and started swimming. We’re changing the culture here. We’re all about precision. We’ve got an eight-axis router coming in. People may have questions about building boats in Malaysia, but I believe that you can teach anyone to do anything. And I think these new boats we’re building are proving that.”

Richards’ right-hand man, Hank Compton, agrees. “I think the technical quality of these boats, particularly the Grand Banks 60, is really going to impress people,” he says. ­“Everything above the sheer line is carbon fiber. Just think about how that translates into fuel efficiency, not to mention center of gravity. It’s highly technical stuff. The people that work here are clearly proud of what they’re accomplishing, and that’s no accident.”

Singing Praises

If you’re headed to the Johor Bahru factory, you’re most likely flying into Singapore, which is just a few miles away (though traffic can be a bear). Regardless, lucky you. Singapore’s Changi Airport has been voted the world’s best, four years running, at the Skytrax World Airport Awards in Cologne, Germany. Changi Airport has luxury shops, free Wi-Fi and even a movie theater. In an airport. And if you decide to stay in Singapore for your trip — not a bad option considering that Johor Bahru, though not without its charms, is a mostly industrial city — you’re in for another treat. Or, more accurately, you’re in for a bunch of treats.

None other than world-traveling gourmand and TV show host Anthony Bourdain describes the city-state like so: “For a gastro-tourist, somebody who travels to eat, any kind of serious eater, Singapore’s probably the best place you can go for maximum bang in a minimum period of time.” High praise indeed. So there you have it. Go for the yacht but stay for the Wah Feng wonton noodles.

VIDEO: Yachting Visits the Grand Banks Yachts Factory

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Grand Banks to Expand Malaysian Boatbuilding Facility

BY Anna Cummins on 11 Jul 2023

Singapore-listed shipyard Grand Banks Yachts has announced that it is expanding its production facility in Malaysia by more than 25 per cent.

The US$6.4 million expansion will allow the yard to handle bigger luxury boats, increase capacity and accelerate its boat-building activities.

The expansion, which will cost approximately MYR 30 million (US$6.4m), is expected to be completed by August 2024. The luxury yacht builder said the proposed new single-storey facility will be built on the existing land plot at its yard in Pasir Gudang in Johor state and will add 143,300 sqft (13,313 sqm) of usable floor space to the 550,000 sqft (51,097 sqm) currently, bringing the total to nearly 700,000 sqft (65,000 sqm).

Grand Banks says the new facility will ‘further cement the yard’s lead as one of the most advanced luxury boat-building facilities in Asia’. Grand Banks has received the requisite approvals from Malaysian authorities, and construction is expected to commence in August 2023. The group will fund the expansion with a mix of internal resources and bank loans.

The expansion is a major part of Grand Banks ‘ strategy to ramp up boat construction and improve delivery times. Since the onset of the pandemic, demand for its three luxury yacht brands — Grand Banks, Palm Beach, and Eastbay has risen.

The group has been introducing new designs and has stepped up marketing efforts, especially in North America, with recent participation in the Palm Beach International Boat Show.

In 2021, Grand Banks Yachts announced the formation of GB Marine Group , along with sister brands Palm Beach Motor Yachts and Eastbay Yachts. 

These efforts have helped Grand Banks Yachts to lift the net order book to SG$178m (US$131.7m) as of 31 March 2023.

For more   Industry   news click   here . 

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GRAND BANKS YACHTS

As innovators in yacht design and construction, Grand Banks is constantly moving forward with new ideas and techniques to drive the industry with our products.

Our focus in recent years has seen us move to the forefront of speed and efficiency, while perfecting our construction techniques to deliver better yachts, that are durable against the elements, and can take on nature like never before.

Our goal is to deliver the best ride of any yacht, of any size, while also bringing all the trademark comfort and style that we’ve always been loved for.

GRAND BANKS MODELS

The original downeast cruiser, the Eastbay 44 is stylish, spacious and comfortable, with completely modernized performance.

GRAND BANKS 54

The 54’s versatile design is a culmination of everything we learned from designing and building the Grand Banks 60.

GRAND BANKS 60

Our game-changing and beautifully designed Grand Banks 60 offers a ride that surpasses any yacht of its size.

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The Grand Banks 60 Skylounge delivers epic performance and a temperature-controlled upper helm station.

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Grand Banks Yachts Sdn. Bhd. (Malaysia)

Grand Banks Yachts Sdn. Bhd. is based in Malaysia. The head office is in Pasir Gudang. It operates in the Boat Building industry. It was established on December 31, 1990. It currently has a total number of 860 (2023) employees. In 2023, the company reported a net sales revenue increase of 44.56%. Over the same period, its total assets grew by 24.77%. The net profit margin of Grand Banks Yachts Sdn. Bhd. increased by 2.35% in 2023.

Headquarters Plo 488, Jalan Suasa, Pasir Gudang Industrial Estate Pasir Gudang; Johor; Postal Code: 81700

Contact Details: Purchase the Grand Banks Yachts Sdn. Bhd. report to view the information.

Website: http://www.grandbanks.com

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Grand Banks to build bigger boats at expanded Malaysian construction site

With operational headquarters based in Singapore, Grand Banks Yachts is set to expand its Malaysian production facility by more than 25 per cent to make room for bigger boats, raise capacity and accelerate build times. 

The project is budgeted to cost approximately $9 million (SGD) and will include new machinery and state-of-the-art technology.

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SINGAPORE (Aug 30): Grand Banks Yachts, the luxury yacht designer and builder, reported earnings of S$2 million for the FY16 ended June, reversing from its net loss of S$4.8 million in the preceding year.

Full-year revenue rose 49.7% to S$58.7 million as the group sold eight inventory yachts and received orders for all of its new models — Grand Banks 60, Eastbay 44 and 52, and Palm Beach 42. The group had also ramped up the manufacturing at its Pasir Gudang facility and more yachts achieved construction milestones.

Gross margins improved by 7.5 percentage points to 17.4%, after Grand Banks adopted a factory direct sales model and improved its manufacturing processes for better efficiency.

Furthermore, the group also received a one off gain from a deferred tax asset, which boosted earnings by S$0.7 million.

At end June, the group had an order book of S$34.1 million.

Grand Banks says it is mindful of the volatility in RM, AUD and USD that would affect its operations, but adds that its successful integration of its Palm Beach and Grand Banks brands will drive growth for the group in FY17.

The group did not declare any dividends for the current financial period.

Shares of Grand Banks are trading at 23.5 Singaporean cents.

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GRAND BANKS YACHTS SDN. BHD. was incorporated on 1990-12-31 in Malaysia with registration number of 0210310M / 199001018641 . GRAND BANKS YACHTS SDN. BHD.'s business includes MANUFACTURE AND SALE OF FIBREGLASS YACHTS

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15 Richest Men And Families In Malaysia According To Forbes

Despite a rather unremarkable GDP growth rate of just 2.9 per cent in the final quarter of 2023, the Malaysian economy appears poised for a more promising performance in the coming year. A World Bank report anticipates an expansion of up to 4.3 per cent in 2024, signaling positive economic strides for the nation. Remarkably, the somewhat sluggish GDP growth experienced in the previous year has not significantly impacted the financial standing of the country’s elite.

According to Forbes, the top 50 richest individuals and families in Malaysia, as of the latest assessment, have maintained their substantial financial strength despite the economic headwinds faced in the previous year. This collective fortune, standing at $81.6 billion USD, underscores the notable ability of these economic titans to weather uncertainties and sustain their wealth.

Shifting our focus to the upper echelons of wealth in Malaysia , the spotlight falls on the 15 most affluent men and families who have etched their names into the annals of the country’s financial elite. These individuals have not only weathered economic uncertainties but have also thrived in diverse sectors, ranging from the gambling industry to the stable food & beverage sector, the ever-evolving telecommunications realm, and the bustling retail landscape.

Each of these magnates has carved out a significant niche in their respective industries, contributing substantially to the nation’s economic prosperity and earning their distinguished positions on Forbes’ esteemed list of the wealthiest in Malaysia.

(Hero and feature image credit: Facebook/ OfficialRobertKuok & tansritak) 

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From USA To Italy, These Countries Have The Highest Number Of Billionaires

Top 15 richest men and families in malaysia, according to forbes, jump to / table of contents.

• Robert Kuok
• Quek Leng Chan
• Koon Poh Keong & siblings
• Teh siblings
• Ananda Krishnan
• Lee Yeow Chor & Yeow Seng
• Chen Lip Keong
• Lim Kok Thay
• Tan Yu Yeh & Yu Wei
• Chia Song Kun
• Lau Cho Kun
• G. Gnanalingam
• Francis Yeoh & siblings
• Lee Oi Hian & Hau Hian
• Syed Mokhtar AlBukhary

Net worth: RM53.8 billion

Robert Kuok, who has maintained his place at the top of Forbes’ list of Malaysia’s wealthiest individuals for over 25 years, has a net worth of $11.5 billion USD (approx. RM53.8 billion). Kuok is the owner of the multinational conglomerate, Kuok Group, which has investments in real estate, hotels, and commodities. Among his noteworthy ventures is the esteemed Shangri-La Hotels and Resorts chain, which he launched in Singapore in 1971. In a recent deal, Allgreen Properties, a part of Kuok Group, purchased the Seletar Mall in Singapore for a staggering $412 million USD (approx. RM1.9 billion).

Kuok, who saw the most significant increase in wealth in dollar terms this year among all Malaysians, is the only individual on the list with a net worth in the double-digit billions. His youngest son, Kuok Khoon Hua, currently serves as the chairman and CEO of Kerry Properties, a property company based in Hong Kong.

(Image credit: Facebook/ OfficialRobertKuok ) 

Net worth: RM41.2 billion

Quek Leng Chan, with a net worth of RM41.2 billion, is an accomplished lawyer trained in the UK and the current executive chairman of the globally recognised Hong Leong Group. The group, privately held, has investments in various sectors including banking, financial services, property and manufacturing.

Quek’s wealth is partly inherited from his father who, along with his brothers, founded a banking group in the 1920s. Quek’s cousin, Kwek Leng Ben, also a billionaire, heads the Hong Leong Group in Singapore.

(Image credit: Forbes) 

Net worth: RM27.1 billion

Koon Poh Keong, along with his four brothers, established what is now known as Press Metal Aluminium Holdings in the midst of a recession in 1986. Beginning with a joint investment of $50,000 USD (approx. RM234,250), the brothers set up the aluminium extrusion company.

Fast forward to today, Press Metal has grown to become Southeast Asia’s leading integrated aluminium producer, competing with major players such as Rio Tinto and China’s Aluminium Corp. Poh Keong holds the position of group chief executive, while Poh Ming is the executive vice chairman, and Poh Weng serves as the executive director.

Net worth: RM24.3

The Teh siblings, one of the wealthiest families in Malaysia, owe their substantial fortune to their late father, Teh Hong Piow. Their father was a remarkable figure in the country’s banking industry, having founded the Public Bank in 1966 and led it for numerous years until his death in December 2022 at the ripe old age of 92.

Public Bank was not just a domestic operation. As a testament to Teh Hong Piow’s far-sighted vision, the bank expanded its customer base beyond Malaysia’s borders to serve millions of customers in various Asian countries. This includes Cambodia, Republic of China, Hong Kong, Sri Lanka, and Vietnam.

Teh Hong Piow’s legacy was not confined to banking alone. He also had a significant minority stake in LPI Capital, a publicly listed insurance business. This diversified investment strategy ensured that his wealth continued to grow and be resilient in the face of market fluctuations.

Upon his death, the Teh siblings inherited their father’s substantial wealth, which includes his stakes in Public Bank and LPI Capital.

Net worth: RM23.4 billion

Ananda Krishnan is an esteemed figure in the Malaysian business landscape, having made a name for himself through an assortment of successful ventures in various industries. A proud alumnus of the world-renowned Harvard Business School, Krishnan initially embarked on his professional journey as an oil trader. Over the years, he has amassed a diverse investment portfolio that spans across several sectors.

Krishnan holds considerable stakes in several notable companies. These include Maxis, a leading telecom company in Malaysia, Astro Malaysia Holdings, a prominent media firm, as well as Bumi Armada, a provider of oilfield services. These investments demonstrate his astute business acumen and his ability to identify lucrative opportunities across different industries.

Not all of Krishnan’s ventures have been successful, however. In 2018, his Indian telecom company, Aircel, was compelled to file for bankruptcy protection. Despite this setback, the magnitude of Krishnan’s investment in the firm, estimated at a hefty $7 billion USD (approximately RM32.78 billion), underscores his willingness to take calculated risks in the pursuit of business growth.

In the aftermath of Aircel’s financial difficulties, the company was taken over by UV Asset Reconstruction, a firm that specialises in corporate restructuring. Despite the challenges faced, Krishnan’s diverse investment portfolio has allowed him to maintain a strong financial standing, attesting to his resilience and adaptability as a business magnate.

(Image credit: Facebook/ tansritak ) 

Net worth: RM21.5 billion

Lee Yeow Chor and Lee Yeow Seng are the sons of the late Lee Shin Cheng, who sadly passed away in June 2019. Their substantial fortunes are largely inherited from their father, who left them significant stakes in the IOI group, a renowned organisation known for its extensive involvement in the palm oil and property sectors. The IOI group was a creation of their father and stands as a testament to his business acumen and success.

Lee Yeow Chor, an accomplished individual in his own right, holds a law degree from the prestigious King’s College in London. He has taken on the mantle of his father’s work and currently serves as the group managing director and CEO of IOI Corporation. His leadership continues to guide the corporation towards further growth and prosperity.

On the other hand, Lee Yeow Seng, also a law graduate, has taken a different, yet equally important role, serving as the executive vice-chairman of IOI Properties. This role allows him to influence and guide the property-related ventures of the group. In addition to his corporate responsibilities, Yeow Seng shares his life with Puchong MP Yeo Bee Yin, to whom he is married.

(Image credit: IOI Group’s website) 

Net worth: RM13.1 billion

Chen Lip Keong was an influential figure in the hospitality industry. Despite being a medical doctor by training, he chose a different path and went on to establish his own enterprise, NagaCorp. This decision marked a significant shift from his medical profession and set him on a trajectory towards becoming a casino magnate. He passed away in December 2023, leaving behind an impressive legacy at the age of 76.

NagaCorp, the company he founded, achieved a significant milestone by becoming the first casino company to be listed on the Hong Kong stock exchange. Its primary operations are based in Cambodia, where it holds a casino license in the country’s capital, Phnom Penh. The license, which is valid until 2065, grants the company a guaranteed monopoly until 2035. Within the NagaCorp portfolio is NagaWorld, the largest casino resort in Indochina. An underground mall, NagaCity Walk, connects NagaWorld to Naga2, another notable establishment that was opened in 2017.

However, Chen Lip Keong’s accomplishments extend beyond his business ventures. He was known for his philanthropy and willingness to give back to society. He made substantial donations amounting to millions of dollars to aid in the fight against the Covid-19 pandemic in Cambodia. He also made a significant contribution to the Rare Disease Fund in Singapore, donating $6.7 million SGD (approx. RM23.5 million).

His death marked the end of an era, but his legacy continues through his sons. After his passing, his son Chen Yiy Fon stepped into his shoes and took over as the group CEO of NagaCorp. Prior to Chen Lip Keong’s death, he had been serving as the senior CEO of the company, a position that allowed him to oversee and guide the company’s operations. He also appointed his three sons, Yiy Fon, Cherchi, and Yiy Hwuan, as CEOs in charge of operations, finance, and hotels respectively. This move ensured that his legacy and the management of NagaCorp would remain within the family, even after his departure.

Net worth: RM10.7 million

Lim Kok Thay is a prominent figure in the global hospitality industry, holding the esteemed title of chairman for the world-renowned Genting Group. The Genting Group is a vast conglomerate, having a significant presence in the casino and resort sectors across the globe.

However, the recent pandemic has led to substantial challenges for Lim and his businesses. One such challenge was faced by Genting Hong Kong, a cruise operator company owned by Lim. Due to the severe impact of the pandemic on the travel and tourism industry, Genting Hong Kong encountered significant financial difficulties. These troubles culminated in the company filing for a winding up petition in January 2022. Consequently, Lim had no choice but to step down from his position as chairman of the company.

Despite these difficulties, Lim’s extensive business portfolio extends beyond the cruise operator company. Among his numerous assets is Empire Resorts, the parent company of Resorts World Catskills. Unfortunately, Resorts World Catskills has been underperforming, adding to the pressures faced by Lim.

Adding to these challenges, a long-drawn family feud erupted over the distribution of the empire’s wealth and businesses. This dispute was not just limited to the casino and resort businesses, but also involved a palm-oil unit under the empire. Thankfully, this family dispute was finally resolved in early 2020, bringing some respite to the beleaguered businessman.

Furthermore, Lim has diversified his investments beyond the hospitality industry. He holds a stake in Grand Banks Yachts, a luxury yacht company that’s listed on the Singapore stock exchange.

(Image credit: Forbes)

Net worth: RM8.8 billion

Tan Yu Yeh and Yu Wei stand out as one of the wealthiest pairs in Malaysia, with their wealth primarily coming from their stake in the renowned retail company, Mr. D.I.Y. Group. This company, which has become a common name in the retail industry, specialises in home improvement supplies and was launched in 2005. In a significant development for the company, Mr. D.I.Y. Group was listed on the Malaysian stock exchange in October 2020.

As of now, Mr. D.I.Y. operates an impressive network of 2,000 stores spread throughout Asia. These stores are typically quite large, with each one usually covering about 10,000 square feet. They offer a comprehensive range of products across 10 different categories, including electrical items, stationery, and toys, further solidifying their position in the home improvement market.

Tan Yu Yeh’s journey to becoming a successful entrepreneur is quite intriguing. Before he ventured into the retail industry, he had a diverse career path. He started his professional journey as an engineer, immersing himself in the technical field. However, he eventually decided to shift his focus and became a remisier. In this role, he was responsible for buying and selling stocks on behalf of his clients, which provided him with valuable insights into the business world. This diverse experience likely contributed to his ability to successfully navigate the business landscape and establish a successful retail company.

Net worth: RM8.4 billion

Chia Song Kun, the executive chairman of QL Resources, is a highly recognised figure in the Malaysian business landscape. In 1985, he and his brothers, Song Kooi and Song Swa, established the company which is now a major player in the seafood industry. QL Resources, listed on the Malaysian stock exchange, boasts a diverse portfolio of business interests. These include not only seafood but also marine-feed production, livestock farming, and palm oil.

QL Resources holds a significant position in the regional market, being the largest producer of surimi, a type of processed fish product, in Southeast Asia. This achievement underlines the company’s strong presence and influence in the seafood industry.

In addition to its primary businesses, QL Resources also manages the FamilyMart convenience store chain in Malaysia. This diversification into the retail sector is a testament to the company’s ability to explore and capitalise on various business opportunities.

Song Kooi, one of Chia Song Kun’s brothers, holds the key role of group managing director. Their brother-in-laws, Chia Seong Fatt and Chia Seong Pow, are also deeply involved in the company’s operations, serving as members of the board.

Chia Song Kun’s career trajectory is particularly noteworthy. Prior to entering the business world, he worked as a tutor and then spent 11 years as a mathematics lecturer at University Teknologi Mara. This academic background provided him with a strong foundation of skills and knowledge that undoubtedly helped him navigate the complexities of the business world and establish a successful company.

(Image credit: QL Resources’ website) 

Net worth: RM7 billion

Lau Cho Kun is a significant figure in the Malaysian business landscape, holding the primary stake in Hap Seng Consolidated. His interests in this diversified corporation are managed through Gek Poh, a holding company, and Lei Shing Hong, an investment arm. The extensive portfolio of Hap Seng Consolidated spans across multiple sectors including financial services, plantations, and real estate, representing Lau’s diverse business interests and strategic investments.

Notably, Hap Seng Consolidated’s plantation division is among the top producers of palm oil in Sabah, East Malaysia, marking a significant contribution to the nation’s agricultural sector. This division’s operations underscore Lau’s influence in Malaysia’s agro-industry and his role in promoting the sustainable production of this vital commodity.

Furthermore, Lau Cho Kun has a longstanding relationship with the automobile industry, maintaining Mercedes-Benz dealerships in Malaysia since 1969 through Hap Seng Consolidated. This connection with one of the world’s leading luxury car manufacturers highlights Lau’s position in the elite automotive sector and his ability to sustain these operations for over five decades.

Beyond Malaysia, Lau extends his reach through Lei Shing Hong, a privately-held company based in Hong Kong which operates Mercedes-Benz dealerships across Asia and Europe. This global presence in the automobile industry further amplifies Lau’s business prowess and international influence.

Lau Cho Kun has strong familial ties to the business world. He is the nephew of the late Lau Gek Poh, the founder of Gek Poh Holdings. These familial connections have undoubtedly played a role in shaping Lau’s business acumen and strategic thinking.

Adding another layer to his extensive network, Lau’s son-in-law, Yaw Chee Ming, is the CEO of Samling Strategic and is also listed among the wealthiest individuals in Malaysia.

Net worth: RM6.7 billion

G. Gnanalingam, who formerly held the role as an executive in the tobacco industry, was a co-founder of a multi-cargo port operating company known as Westports Holdings. This company was established back in 1994 after Gnanalingam and his partner, Ahmayuddin bin Ahmad, were successful in acquiring the concession. However, Gnanalingam’s journey ended in July 2023 when he passed away at the age of 78.

Westports Holdings holds a long-term concession that extends for a duration of 60 years. This concession provides the company with rights to operate as well as expand its container terminals located in Pulau Indah and Port Klang, which will continue until the year 2054. This makes the company one of the three main port operators situated in the Strait of Malacca, highlighting its prominent position in the industry.

The legacy of Gnanalingam in the business world continues through his son, Ruben Emir Gnanalingam, who currently holds the position of Group Managing Director at Westports. It is under his leadership that the company continues to expand and maintain its strong position in the port industry.

Gnanalingam’s reputation extended beyond his role in Westports Holdings. He was also renowned for his marketing skills. These skills were developed and refined during his 19-year career as the Marketing Director for the Malayan Tobacco Company, which is now known as British American Tobacco. This extensive experience in marketing undoubtedly played a pivotal role in his success as a business leader and contributed significantly to the growth of Westports Holdings.

(Image credit: Westports Holdings’ website) 

Net worth: RM6.5 billion

Francis Yeoh is another significant figure in the Malaysian business landscape, serving as the head of YTL Corp., which is publicly listed in Kuala Lumpur. The corporation was initially established in 1955 by Francis’s father, the late Yeoh Tiong Lay, who passed away in October 2017. The Yeohs have built a vast global empire that spans various industries including cement production, hospitality, property development, and utilities.

One of YTL Corp.’s notable assets is PowerSeraya, the second-largest power plant in Singapore, demonstrating their significant involvement in the energy sector. Additionally, they own the prestigious Ritz-Carlton hotel located in Kuala Lumpur, underscoring their influence in the luxury hospitality industry.

YTL Corp. recently expanded its operations into the financial sector. In collaboration with Sea, a Singapore-based gaming company, YTL formed a joint venture that was granted one of the five digital banking licenses issued by Malaysia’s central bank. This venture illustrates the corporation’s innovative approach and its ability to adapt and thrive in an increasingly digitalised economy.

Francis is the eldest out of seven siblings, and interestingly, all his siblings are also engaged in the family business, highlighting the family’s deep-rooted commitment to their business empire. This familial involvement across generations has likely played a crucial role in the corporation’s long-term success and stability.

One unique aspect of the Yeoh family’s business operations is their co-ownership of the Eastern & Oriental Express. This luxury train service operates a route between Singapore and Thailand, offering an unrivaled travel experience for its passengers.

In addition to their other ventures, the Yeoh family owns the Niseko Village resort located in Japan. This resort features two high-end hotels and two golf courses, catering to both leisure and sport enthusiasts.

(Image credit: YTL Corporation Berhad’s website) 

Net worth: RM6.3 billion

Brothers Lee Oi Hian and Lee Hau Hian are key figures in the Malaysian business landscape, primarily due to their control over Batu Kawan. Batu Kawan is a diversified company with extensive interests in a variety of sectors, including plantations, real estate, and several others. The company is actively involved in property development, with ongoing residential and commercial projects in both Melbourne and Perth.

In addition to its property interests, Batu Kawan also has a strong footing in the plantation industry through its division, Kuala Lumpur Kepong. Kuala Lumpur Kepong owns substantial land banks spread across Malaysia, Indonesia, and Liberia. These land banks underscore the company’s influence in the plantation sector and its commitment towards sustainable agricultural practices.

Lee Oi Hian, the chairman of the company, boasts an impressive educational background. He is a graduate of the University of Malaya, where he earned a B.A. degree in Agricultural Science (Honors). He furthered his education with an M.B.A. from the internationally acclaimed Harvard University. His education in both agriculture and business has likely played a significant role in guiding Batu Kawan’s successful ventures in the plantation sector.

On the other hand, Lee Hau Hian, the managing director of Batu Kawan, also has a strong educational background. He earned his B.S. degree in economics from the London School of Economics, one of the world’s leading social science institutions. He then went on to obtain his M.B.A. from Stanford University. His deep understanding of economics and business management has undoubtedly been instrumental in leading Batu Kawan’s diversified business ventures.

Net worth: RM6 billion

Syed Mokhtar AlBukhary, a figure known for his discreet approach to business, embarked on his entrepreneurial journey as a rice trader after he chose to leave high school early. His remarkable wealth comes predominantly from his ventures in two major corporations, namely DRB-HICOM and MMC Corp.

MMC Corp is a diversified conglomerate with operations spanning across multiple sectors such as ports, logistics, construction, and engineering, making it a significant player in these industries. On the other hand, DRB-HICOM is a comprehensive automotive company that has also expanded its interests into the realms of real estate and education, further diversifying its business portfolio.

In a strategic move in 2017, DRB-HICOM sold a substantial 49.9% stake in Proton, a renowned Malaysian automobile manufacturer, to the Chinese automobile giant Zhejiang Geely. This move marked a significant shift in the ownership structure of Proton. However, by 2021, AlBukhary had to make the tough decision to delist MMC Corp. This was mainly due to a host of challenges the corporation was facing, including a decrease in shipment volumes, an upsurge in operational costs, and a slump in the procurement of engineering contracts.

Apart from his business ventures, AlBukhary is also well-known for his philanthropic endeavors. In 2018, his charitable organisation, the AlBukhary Foundation, established a new permanent gallery at the globally recognised British Museum. This gallery showcases a variety of artworks that represent the Islamic world, offering a platform for cultural exchange and understanding.

Adding yet another dimension to his vast business interests, AlBukhary also owns a stake in Media Prima, a prominent media corporation that owns the New Straits Times Press, a major Malaysian news outlet.

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This article first appeared on Lifestyle Asia Kuala Lumpur

Frequently Asked Questions (FAQs)

– Who is the richest family in Malaysia according to Forbes?

According to Forbes’ 2017 Asia’s Richest Families list, the Quek family holds the title of the richest family in Malaysia. Ranked seventh on the list, the Quek family boasts a net worth of $23.3 billion USD (approx. RM108.9 billion). Hong Leong Group, a conglomerate with diverse interests spanning finance to property, is controlled by more than 15 family members. The family’s wealth can be traced back to 1941 when Kwek Hong Png co-founded the company with his three brothers. Kwek Leng Beng, Hong Png’s eldest son, oversees operations in Singapore, while the family’s Malaysia dealings are managed by Leng Beng’s cousin Quek Leng Chan. Sherman, Leng Beng’s grandson, is set to assume the role of chief executive at City Developments in January 2018.

– Who is the richest man in Malaysia according to Forbes?

According to Forbes’ 2023 Malaysia’s 50 Richest list, Robert Kuok holds the position of the richest man in Malaysia. With a net worth of $11.8 billion USD (approx. RM55.1 billion), Kuok has consistently maintained his top ranking for over 25 years. He is the owner of the Kuok Group, a multinational conglomerate with investments in real estate, hotels, and commodities. Notably, Kuok founded the prestigious Shangri-La Hotels and Resorts chain in Singapore in 1971.

Melissa Foong

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Since the 1960s, Grand Banks has been prolific in its introduction of new models and styles of luxury motor yachts. Lovingly preserved and restored, you’ll find them to be ubiquitous in coastal waters, open seas and inland waterways. Two styles are revered by enthusiasts.

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