Khoo Kay Peng

Khoo Kay Peng
Native name 邱繼炳
Born 1939
Residence Kuala Lumpur, Malaysia
Occupation Chairman, Laura Ashley plc
Known for Business executive
Net worth US$300 million (Forbes, March 2015)
£400 million (FT, February 2014)
Spouse(s) Pauline Chai
Children 5

Khoo Kay Peng (Chinese: 邱繼炳; pinyin: Qiū Jìbǐng; born 1939) is a Malaysian Chinese business executive. He is the chairman and a major shareholder of Laura Ashley plc, and the owner of MUI Group.

Early life

Khoo Kay Peng was born in 1939.[1]

Career

Khoo Kay Peng was mentored by Khoo Teck Puat, who founded Malayan Banking in 1960. Khoo Kay Peng joined the new bank and soon became a manager. In 1965, he was seconded to Bank Bumiputra, and quickly rose to a senior position. In his ten years there, he built relationships with Tengku Razaleigh Hamzah, Robert Kuok and Tan Koon Swan.[2]

He left in 1976 to start his own business, developing property in Kuala Lumpur with a loan from Southern Banking, which made him a millionaire. In 1976, he bought a major stake in MUI Group, then a manufacturer of toothbrushes and household utensils, and used it as a vehicle for a series of corporate takeovers, growing MUI to a $91 million pre-tax profit in 1984.[2]

He is the owner of MUI Group, a conglomerate which includes "retail, hotel, food and financial-services interests in Asia, Australia, the U.S. and the U.K." according to Forbes.[3] He also owns 44% of Laura Ashley plc and serves as its chairman.[3][4] He is a director of Corus Hotels.[5]

He is the 44th richest person in Malaysia, with an estimated wealth of US$300 million according to Forbes.[3] However, the Financial Times suggested he was worth an estimated £400 million in February 2014.[4]

Personal life

Khoo Kay Peng married Pauline Chai in 1970 when Chai was 24 and he was 31, shortly after she won the Miss Malaysia beauty contest. Chai became pregnant in 1971, and they have had five children.[1]

He is divorcing his wife of forty-five years, Pauline Chai, a former Miss Malaysia.[3][4] They have five children.[3] He resides in Kuala Lumpur, Malaysia.[3] His wife resides at Rossway, an estate in Hertfordshire, England.[5][6] Their ongoing divorce has led to the revelation of personal details.[7]

References

  1. 1 2 Su-Lyn, Boo (3 November 2014). "Daughter backs mum in divorce from tycoon, says dad disapproves of son-in-law's race". Malay Mail. Retrieved 2 March 2015.
  2. 1 2 Peter Searle (1999). The Riddle of Malaysian Capitalism: Rent-Seekers Or Real Capitalists?. Asian Studies Association of Australia. pp. 197–. ISBN 978-0-8248-2053-4.
  3. 1 2 3 4 5 6 Forbes: Khoo Kay Peng
  4. 1 2 3 Jane Croft, 'Divorce Lawyers on alert for end to era of big payouts for life', Financial Times, 28 February/1 March 2015, p. 2
  5. 1 2 Tom Harper, Judge’s anger adds to acrimony of £500m divorce acrimony of Laura Ashley boss Khoo Kay Peng, The Independent, 09 May 2014
  6. ↑ Julian Robinson, Laura Ashley tycoon resumes court battle with wife of more than 40 years over where to hold £400m divorce hearing, The Daily Mail, 30 September 2014
  7. ↑ Press Association, Millionaire Laura Ashley boss spent "hours" on toilet doing business, The Daily Telegraph, 2 October 2014
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