logo
Goh Cheng Liang remembered as a hardworking boss who cared for his employees

Goh Cheng Liang remembered as a hardworking boss who cared for his employees

The Star3 days ago
SINGAPORE: Goh Cheng Liang, Singapore's richest man in Forbes' 2025 list of global billionaires, was fondly remembered by close associates and employees for being a hardworking, caring boss.
The founder of paint and coatings company Wuthelam Group died on Tuesday (Aug 12) morning at the age of 98 from prostate cancer, which he had lived with for 31 years.
Goh held a majority stake in Japan's Nippon Paint Holdings and had an estimated net worth of US$13 billion (S$16.7 billion), according to Forbes.
At his wake at the Garden of Remembrance, a Christian columbarium in Choa Chu Kang, those close to Goh told The Straits Times that the paint tycoon often stressed the importance of hard work and frugality to his employees.
He was also known for remembering personal details about them, including the well-being of their children.
Ong Chin Han, a sales manager at Nippon Paint Singapore, said when Goh used to visit the firm's factory in Jurong, he would arrive at lunch time and encourage employees to take their break, rather than ask about their work progress.
'Mr Goh took the effort to deeply understand his employees,' said Ong, who has been with the company for more than 37 years.
'Outside of work, he was very low profile and dressed simply, so people would not realise he was a big boss,' he added.
Ong, who last saw Goh eight years ago, also said he was a generous man.
'I remember my father telling me he once 'had lunch' with Goh – I did not believe him at first, but I later found out Goh was dining in the same restaurant and had paid for everyone's meal,' he said.
Budi Fintobuna, the president commissioner of Nippon Paint Indonesia, said he started working for Goh when he was 20 years old.
'Mr Goh wanted kind, loyal and honest people to support his business,' said Fintobuna, who flew into Singapore for the wake.
'Under him, I learnt the importance of being honest, hard working and thrifty...Goh was so successful because he was thrifty and never gave up.'
Fintobuna said his boss visited Indonesia frequently between 1970 and 1980. In the early 1980s, Nippon Paint Indonesia - previously a joint venture between its Japanese shareholders and Goh - was sold to him following the rise of anti-Japanese sentiment during that period.
'When he came to Indonesia, (Goh) loved to sail and fish – we both loved the sea,' said Fintobuna.
'We would speak in English sometimes, but then he would speak to me in Malay just to joke around.'
Fintobuna also said that Goh was a risk taker.
'If he liked a property, he would just buy it – there was no need for calculations...He said that if you took too long to decide, someone else would buy it,' said Fintobuna.
Li Shu Wei, Goh's most recent caretaker, said the tycoon enjoyed visiting hot springs in China, Taiwan and Japan. In his later years, when he needed a wheelchair during his trips, he would often say: 'Thank you, you have worked hard.'
'When Goh was in his eighties, he was still quite mobile. I was afraid he might fall, so I suggested he use a walking stick. But he was very strong-willed and told me he was strong and did not need it,' he said.
'It was only after three or four years that he finally agreed to use one.'
Goh is survived by three children, Goh Hup Jin, Goh Chuen Jin and Goh Chiat Jin, as well as eight grandchildren and one great-grandchild.
The wake will run until Aug 14.
Among the attendees were Singapore Exchange chairman Koh Boon Hwee, who was chairman of Wuthelam Group from 1991 to 2000; former MP Ker Sin Tze; UOB Bank chief executive Wee Ee Cheong; and former foreign minister George Yeo. - The Straits Times/ANN
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Thai lawmakers pass massive US$117bil budget to revive economy
Thai lawmakers pass massive US$117bil budget to revive economy

The Star

time2 hours ago

  • The Star

Thai lawmakers pass massive US$117bil budget to revive economy

Image from The Nation Thailand/ANN BANGKOK (Bloomberg): Thailand's lower house of parliament passed a 3.78 trillion baht (US$117 billion) annual budget, needed to support a fragile economy that's at risk from issues ranging from the impact of higher US tariffs to a downturn in tourism. The budget bill for the year starting Oct 1 was backed by 257 lawmakers in the 500-member House of Representatives late Friday, following a three-day debate. A total of 229 members opposed the spending plan. The vote will be a relief to investors in the Southeast Asian nation, by avoiding a repeat of the months-long deadlock over spending plans seen in 2019. The country faces a litany of problems, including political instability linked to the suspension of Prime Minister Paetongtarn Shinawatra; continued tensions with Cambodia which recently erupted into violent clashes; and a stiff 19% tariff on shipments to the US, Thailand's biggest export destination. Finance Minister Pichai Chunhavajira thanked the house for approving the budget and said the government will ensure the spending is efficient, transparent and delivers maximum benefit to the people. "I would like to assure that the policies, measures, and budget approved will be implemented in accordance with the designated objectives and plans,' Pichai said in a post on X. The government has defended a marginal increase in spending for the year starting October, and a projected budget deficit of 860 billion baht ($27 billion), or 4.3% of gross domestic product. Officials say the outlays are necessary given the increased risks to the economy from global trade uncertainties. The Senate will review the budget on Aug. 25-26, but analysts expect the spending plan to take effect on Oct. 1 as planned. The Constitutional Court will rule on Aug. 29 whether to disqualify Paetongtarn, amid allegations that she breached ethical standards in handling a border dispute with Cambodia. "Put together, these developments increase the odds that the 2026 budget could be passed before the conclusion of Paetongtarn's case, thereby removing the most significant headwind to growth as a result of the ongoing political crisis,' Citi Research said in a note to investors this week. More support is coming for the economy. The Bank of Thailand on Wednesday cut its policy rate for the fourth time since October to the lowest level in more than two years to ease the burden for vulnerable groups. -- ©2025 Bloomberg L.P.

Is The Market Heading For A Melt-Up?
Is The Market Heading For A Melt-Up?

BusinessToday

time4 hours ago

  • BusinessToday

Is The Market Heading For A Melt-Up?

After a brief consolidation, global equities scaled a new all-time high. A confluence of factors is fuelling the next leg higher for risk assets. These include expectations of Fed rate cuts resuming from September, improving corporate earnings fuelled by AI investments and easing global trade tensions. A successful Trump-Putin meeting to end the Ukraine war and a dovish speech from Fed Chair Powell at the upcoming Jackson Hole annual retreat have the potential to drive equities higher, while disappointments here could lead to another consolidation. Standard Chartered remains constructive on risk assets over 6-12 months, the house prefers relatively inexpensive non-US markets, especially Asia ex-Japan equities, given stretched US equity valuations. SC also hedged against any tariff- or oil price-driven inflation risks through US inflation-protected bonds. Tariff impact starts to show in US inflation: The latest trigger for the risk asset rally was the US consumer inflation report for July which eased concerns about a rise in goods inflation due to tariffs. Core consumer inflation accelerated to 0.3% m/m due to some volatile services sector components. Core goods inflation, at 0.2% m/m, was unchanged from June. However, the subsequent producer inflation report showed companies are starting to pay higher prices for tariff-affected goods, which are likely to be passed on to consumers. SC expects the impact on consumer prices to be temporary as a slowing job market curbs wage growth, the biggest driver of structural inflation. Fed to start rate cuts in September: Against the backdrop of mixed US inflation reports, the focus is likely to turn to the decidedly weak US job market. There is one more round of inflation and jobs data due before the Fed meets on 16-17 September. Unless there is a spike in consumer inflation in August, the latest combination of weak jobs data and modestly high consumer inflation argues for the Fed to resume rate cuts in September. Besides the 25bps September rate cut, money markets are pricing one more 25bps rate cut by year end. Fed Chair Powell has a chance to confirm or push back against those expectations at his Jackson Hole speech on 22 August. Minutes from the Fed's last meeting, when two policymakers voted for rate cuts, would also be scrutinised closely. Solid AI-driven earnings: Besides Fed rate cut expectations, equities have been fuelled by yet another strong US earnings season, powered by accelerating AI investments. Guidance from the AI-related technology and communication services sectors remains strong, with the two sectors expected to deliver 19% and 13% earnings growth over the next 12 months. Watch US valuations: Strong earnings notwithstanding, the MSCI US equity index is trading at a 22x 12-month forward P/E multiple, close to its all-time high. A 12% earnings growth estimate for the next 12 months leaves little room for upward surprises, in our opinion. Investor positioning and sentiment indicators suggest there is still room for upside before they turn contrarian. In contrast, the MSCI Asia ex-Japan and China equity indices are trading at relatively attractive 13.8x and 12.3x P/E multiples, respectively. Given this, it would be prudent to reduce any US overexposure and rotate to Asia ex-Japan. Staying bullish on China equities, especially the tech sector: Besides attractive valuations, Asia ex-Japan equities are benefitting from easing trade tensions after major US allies, except for India, reached preliminary tariff agreements with Washington. Easing fiscal policies in China and Europe should help offset some of the negative impact of tariffs. The extension of the US-China trade truce for three months and the relaxation of US curbs on semiconductor exports to China are providing tailwinds to China stocks, especially in the technology sector. The house remains positive on the Hang Seng Technology index. Hedging inflation risks: The upcoming meeting between President Trump and President Putin to end the Ukraine conflict has the potential to ease a major headwind for European assets. An agreement would likely bring down oil prices, significantly easing inflation concerns. However, a deal is not guaranteed. We would hedge against upside risk to oil prices (if talks fail) through US inflation-protected government bonds.

Brand new home for everyone's favourite royal couple - William and Kate moving to a new home in Windsor
Brand new home for everyone's favourite royal couple - William and Kate moving to a new home in Windsor

The Star

time5 hours ago

  • The Star

Brand new home for everyone's favourite royal couple - William and Kate moving to a new home in Windsor

LONDON (PA Media/dpa): Britain's Prince and Princess of Wales, William and Kate, are to move into a new home in Windsor. The royal couple, a big favourite with many royal watchers in the world, are moving to the eight-bedroomed Forest Lodge in Windsor Great Park, with their children George, Charlotte and Louis. A Kensington Palace spokesperson said: "The Wales family will move house later this year.' According to The Sun newspaper, the royal couple are paying for the property and renovations themselves, avoiding any extra cost to the taxpayer. The paper reported that work has already started on a minor renovation at the Grade II-listed property. Redacted planning applications lodged with the Royal Borough of Windsor and Maidenhead show permission for minor internal and external alterations was granted earlier this month. The council's decision notice refers to the removal of a window and work to a fireplace. In 2001, Forest Lodge underwent £1.5 million (US$2.03 million) restoration works and was put on the rental market for £15,000 (US$20,327) a month. Images inside the home taken at the time showed the property boasted original stonework, elaborate plaster cornices and ceiling decoration, and a half-barrel vaulted hallway ceiling. The Waleses' move will be a short one from their current main home at Adelaide Cottage in Windsor, and the children attend nearby Lambrook School. They also have homes at Anmer Hall in Norfolk and Apartment 1A in Kensington Palace in London. As heir to the throne, William inherited the Duchy of Cornwall estate, a portfolio of land, property and investments valued at more than £1 billion (US$1.36 billion), when his father became king. According to The Sun, Forest Lodge would be worth about £16 million (US$21.7 million) on the open market. The freehold is owned by the king. -- PA Media/dpa

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store