Many a Malaysian fortune was pummeled over the past year, but few more than Goh Peng Ooi’s. A year ago we put his net worth at $1.55 billion, but in August his stock crashed after an anonymous short-seller said his financial software company, Silverlake Axis , was inflating its results. Deloitte Singapore looked into it at the company’s request and refuted the allegation, but it did say one related-party transaction was marginally questionable. The damage was done. This year Goh dropped out of the billionaire ranks and his wealth fell by 53%, to $725 million.
Goh wasn’t alone. Only 6 of last year’s 50 fortunes rose this time. With the stock market falling 8.7% and the ringgit losing 12.6% of its value against the dollar, it was hard for tycoons to keep up. The slowdown in China and the continuing political showdown in the capital also hurt business. And the worldwide oil-and-gas depression took a toll on the 8 fortunes on the list tied to that industry. The result is that the cutoff for making the top 50 this year–$195 million–is the lowest since 2013. Last year it was $240 million.
The carnage can be seen among the billionaires. Last year there were 16 billion-dollar fortunes; this year only 12. Long-time billionaire Vincent Tan joined Goh in losing his billionaire status, as did Tan’s brother, Danny Tan Chee Sing. Some $2.3 billion of Ananda Krishnan’s wealth was erased. Syed Mokhtar AlBukhary’s net worth is half of what it was a year ago.
Six people fell off the list, most notably Khoo Kay Peng, who had made the cut year after year thanks to his large stake in Laura Ashley Holdings.
The news wasn’t all bad. Glovemakers did well: One, Kuan Kam Hon, became a new billionaire. Five new names spiced up the list, and one is a glovemaker, Wong Teek Son, who joins at No. 40. Another first-timer, No. 48 Goh Siang, is in a related field, condoms. Smart online startups and investments put Patrick Grove on the roster at No. 39. Palm oil magnate Freddy Lim Nyuk Sang returns after missing one year, though he’s worth $35 million less than in 2014.
Source: http://www.forbes.com
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