Khoo Kay Peng

Tan Sri Khoo Kay Peng (Chinese: 邱繼炳; born 1939) is a Malaysian Chinese businessman. He is the chairman and a major shareholder of Laura Ashley plc, and the owner of MUI Group.

Yang Berbahagia Tan Sri Khoo Kay Peng
邱繼炳
Born	1939 (age 81–82)
Occupation	Businessman
Net worth	US$300 million (Forbes, March 2015) £400 million (FT, February 2014)
Title	Chairman, Laura Ashley plc
Spouse(s)	Pauline Chai (1970–2017; divorced)
Children	5
Chinese name
Traditional Chinese	邱繼炳
Simplified Chinese	邱继炳
Hanyu Pinyin	Qiū Jìbǐng
Hokkien POJ	Khu Kè-péng

Early life

Khoo Kay Peng was born in 1939.[1]

Career

Khoo was mentored by Khoo Teck Puat, who founded Malayan Banking in 1960. Khoo 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]

Khoo operated for some time from 1980 from Australia, initially in Perth and later in Melbourne, but moved to the UK in the 1990s.[3]

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.[4] He also owns 44% of Laura Ashley plc and serves as its chairman.[4][5] He is a director of Corus Hotels.[6]

He is the 44th richest person in Malaysia, with an estimated wealth of US$300 million according to Forbes.[4] However, the Financial Times suggested he was worth an estimated £400 million in February 2014.[5]

Personal life

Khoo married Pauline Chai in 1970 when Chai was 24 and he was 31, shortly after she won the Miss Malaysia beauty contest. Chai first became pregnant in 1971, and they have five children[1]—Alfred, Andrew, Angelina, Angeline and Alex.[7]

He and his wife divorced in 2017 after 47 years together.[4][5] He resides in Kuala Lumpur, Malaysia.[4] His wife resides at Rossway, an estate in Hertfordshire, England.[6] Their ongoing divorce has led to the revelation of personal details.[8]

Khoo's daughter, Angeline married Jedidiah Francis, a Caribbean-born data scientist of Indian descent, and he refused to give them blessings to get married, resulting Khoo and his daughter no longer talking to each other.[9] Khoo insisted that he would not accept Francis as his son-in-law.[9]

Honours

Commander of the Order of Loyalty to the Crown of Malaysia (P.S.M.) (1986)[10]

References

1. 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. 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. "Millionaire Laura Ashley boss spent "hours" on toilet doing business". The Daily Telegraph. 2 October 2014. Retrieved 29 September 2019.
4. "Khoo Kay Peng". Forbes. Retrieved 9 January 2018.
5. Jane Croft, 'Divorce Lawyers on alert for end to era of big payouts for life', Financial Times, 28 February/1 March 2015, p. 2
6. Tom Harper, Judge’s anger adds to acrimony of £500m divorce acrimony of Laura Ashley boss Khoo Kay Peng, The Independent, 09 May 2014
7. hermes (6 August 2017). "Laura Ashley heiress gave up money for love: Poor little rich girl finds her stride". Retrieved 9 January 2018.
8. Press Association, Millionaire Laura Ashley boss spent "hours" on toilet doing business, The Daily Telegraph, 2 October 2014
9. I gave up inheritance to marry for love, says Khoo Kay Peng's daughter The Star Online (12 August 2017). Retrieved 19 November 2017.
10. "Semakan Penerima Darjah Kebesaran, Bintang dan Pingat".