Malaysia's 3rd richest man steps down in wider succession plan
IN A move seen as a precursor to a wider plan of succession, Malaysian tycoon Quek Leng Chan has relinquished his position as chairman and stepped down from the board of one of his key companies, Guoco Group.
He left Hong Kong-listed Guoco on Sept 1, according to a filing by the company.
He also relinquished his position as a director and chairman of Singapore-listed GL (formerly known as GuocoLeisure) last Friday.
The stated reason for the tycoon's departure is internal restructuring of the Hong Leong group, according to the filings of both companies.
With effect from Sept 1, Kwek Leng Hai has been redesignated executive chairman of Guoco. Mr Kwek, who is Mr Quek's brother, was also recently appointed chairman of GL.
Guoco is Mr Quek's flagship company that holds a multitude of companies in the financial services, hospitality and leisure and gaming sectors.
The tycoon controls 76.12 per cent of Guoco, through his ultimate private vehicle Hong Leong Co (M).
The 73-year-old has been in the driving seat of Guoco all this while, having held the executive chairman's position since 1990.
"Quek is the eldest of the brothers and may be beginning to pass the reins to his younger siblings and children.
"The group has operations spread across continents and it could be that the running of the business is being split into regions such as the United Kingdom, Hong Kong and Malaysia/Singapore," said an industry player.
"Quek takes responsibility over UK where there are plans to expand the gaming business, Kwek likely of Hong Kong, while (leaving) Malaysia/Singa-pore... to the others."
The group also controls Hong Leong Financial Group - the Malaysian banking arm that controls 64.3 per cent of Hong Leong Bank.
Elsewhere, the group has a strategic 14 per cent stake in Bank Of East Asia of Hong Kong and controls gaming concern Rank, listed in London.
Mr Quek is listed as Malaysia's third-richest man by Forbes with a net worth estimated at US$5.3 billion (S$7.2 billion).
ASIA NEWS NETWORK