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Independent Singapore
6 days ago
- Business
- Independent Singapore
Wuthelam Group founder and Singapore billionaire Goh Cheng Liang dies at 98
SINGAPORE: Paint and coatings company Wuthelam Group founder Goh Cheng Liang, Singapore's richest man according to Forbes' 2025 list of billionaires worldwide, has died at the age of 98. Paint tycoon Mr Goh was born in 1927 and grew up in a shophouse along River Valley Road. He came from a modest family and started his business in 1949 with Pigeon Brand paint. After forging a strategic partnership with Japan's Nippon Paint in 1962, now Asia's largest and the world's fourth-largest paint maker, Wuthelam Group today owns nearly 60% of Nippon Paint Holdings. In a Facebook post on Tuesday (Aug 12), Nippon Paint Singapore said the Nippon Paint Holdings Singapore Pte Ltd (NIPSEA Group) founder passed away surrounded by his loved ones. 'Mr Goh had always been a beacon in our industry, shining the light for so many of us to emulate his values of humility, benevolence, and integrity. Under his stewardship, Nippon Paint Singapore has grown and arrived to become a formidable force today. However, throughout his many business achievements, Mr Goh has always upheld the importance of giving back to the community. This is a legacy we will continue to perpetuate today, and well into the future. We will miss him dearly, for all that he has taught us,' the company wrote. See also Singapore continues to issue more EPs to recruit foreign FTs 'Our condolences go out to the family members and loved ones of Mr Goh,' it added. Mr Goh was instrumental in developing Liang Court, the first major shopping centre along River Valley Road, and Mount Elizabeth Hospital, both of which were later sold. He was also well known for his philanthropy. In 1995, with support from the late President Wee Kim Wee, he founded the Goh Foundation to manage his charitable work. The foundation funded major healthcare projects, including the National Cancer Centre Singapore and the Goh Cheng Liang Proton Therapy Centre, one of the few facilities in the region offering advanced proton beam therapy. Mr Goh, who was also a cancer survivor, supported children's cancer research at KK Women's and Children's Hospital, the VIVA Foundation, and the National University Hospital, Singapore Business Review reported. In addition, he contributed to research into rheumatological and immunological diseases through Singapore General Hospital's ARiSE programme and backed palliative care projects with SingHealth Duke-NUS Academic Medical Centre. He also helped fund roads, clean water, sanitation, and schools in Dawu Village, his ancestral hometown in Chaozhou, China, to uplift the community there. Mr Goh is survived by his three children—Hup Jin, Chuen Jin, and Chiat Jin—eight grandchildren, and one great-grandchild. According to the South China Morning Post , his eldest son, Mr Goh Hup Jin, described him as 'a beacon of kindness and strength' who taught them to live with compassion and humility. 'We are very fortunate to have had him show us how to be a good person,' he added. Netizens also expressed their condolences to Mr Goh's bereaved family. /TISG Read also: GCB craze: How Singapore's 10 Real-Life Crazy Rich Asians got rich enough to own their S$10M to S$100M+ homes
The Star
6 days ago
- Business
- The Star
Goh Cheng Liang remembered as a hardworking boss who cared for his employees
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 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 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
Hype Malaysia
7 days ago
- Business
- Hype Malaysia
Singapore's Richest Man & Nippon Paint Billionaire Goh Cheng Liang Passes Away At 98
Listed as the richest Singaporean by Forbes in its 2025 annual list of global billionaires, Goh Cheng Liang was the founder of paint and coatings maker Wuthelam Group and held a majority stake in Japan's Nippon Paint Holdings. As of August, he had a net worth of SGD$16.8 billion (approximately RM55.2 billion). According to reports, the billionaire sadly passed away earlier this morning (Tuesday, 12th August) at the age of 98. His family issued a statement regarding his passing, saying they were by his side when he took his final breath. He is survived by three children, eight grandchildren and one great-grandchild. 'He was a beacon of kindness and strength. We are very fortunate to have had him show us how to be good people – he taught us to live life with compassion and humility,' his eldest son, Goh Hup Jin, said in the statement. However, it was unclear whether the billionaire had been ill prior to his death, and his cause of death was not disclosed in the statement. His family mentioned that Goh Cheng Liang loved spending time with his grandchildren and enjoyed activities such as boating, fishing, eating good food and travelling. At the time of writing, there has been no update on his final resting place. Much like other success stories, Goh Cheng Liang grew up in poverty and spent the first 12 years of his life in a shophouse on River Valley Road with his parents and 4 siblings. After years of hard work, he set up his first paint shop in 1955 and became the main distributor for Nippon Paint, according to the brand's website. The rest, as they say, is history. We offer our deepest condolences to Goh Cheng Liang's family. May they have the strength to endure this challenging time, and may they continue to carry on his legacy. Sources: The Straits Times
Malay Mail
7 days ago
- Business
- Malay Mail
Singapore's richest man, Nippon Paint tycoon Goh Cheng Liang, dies at 98
SINGAPORE, Aug 12 — Goh Cheng Liang, founder of Wuthelam Group and Singapore's richest person, died today at the age of 98, his family said, according to a report published in The Straits Times today. According to Forbes' 2025 ranking of the world's billionaires, Goh topped the list for Singapore with an estimated net worth of US$13 billion (RM55 billion). He held a majority stake in Japan's Nippon Paint Holdings, which he helped build into a global coatings powerhouse. Born in 1927, he grew up in a rented shophouse room in River Valley and was sent to Johor during World War II, where he helped sell fishing nets. In 1949, he bought surplus paint from a British army auction and began making his own Pigeon Brand paints using a Chinese dictionary to decipher chemical names. His business boomed during the Korean War when imports were restricted. He later became Nippon Paint's distributor in Singapore and founded Wuthelam Holdings in 1974, building it into a multinational company with nearly 60 per cent of Nippon Paint. Goh's other ventures included developing and later selling the former Liang Court mall and Mount Elizabeth Hospital. Known for avoiding publicity, he told The Business Times in 1997 that he preferred private companies to public ones. Through the Goh Foundation, he funded cancer research, treatment facilities and scholarships, and supported welfare agencies in Singapore as well as roads, schools and sanitation systems in Chaozhou, China. A cancer survivor himself, he also backed the Goh Cheng Liang Proton Therapy Centre at the National Cancer Centre Singapore. He is survived by three children, eight grandchildren and a great-grandchild.
Yahoo
7 days ago
- Business
- Yahoo
Goh Cheng Liang, Singapore's second-richest, dies at 98
By Yoojung Lee and Filipe Pacheco (Bloomberg) – Goh Cheng Liang, who was born in poverty and built a paint empire that made him the second-wealthiest person in Singapore, has died. He was 98. He passed away on Tuesday, according to the statement by his Wuthelam Group. 'The visionary founder of Wuthelam Group and a respected philanthropist passed away peacefully this morning with family members by his side,' the statement said. Goh founded Nippon Paint South East Asia, or Nipsea, which manages Asia Pacific's biggest paint-making businesses. His stake in the closely held firm was through his Singapore-based investment company, Wuthelam Holdings. Already a billionaire several times over, Goh saw his family's wealth soar in 2021 after Wuthelam took a majority stake in its longtime partner, Nippon Paint Holdings, Japan's biggest paint maker. The roughly $12 billion deal boosted the family's fortune to $24 billion from about $16 billion before the alliance was announced, Bloomberg News reported at the time. Still, a prolonged decline in Nippon Paint's stock after that took a toll on Goh's estimated net worth. It stood at $13.2 billion as of Monday, according to the Bloomberg Billionaires Index. Goh kept a relatively low profile. Luxury boats were among the reclusive billionaire's few overt splurges. His collection included White Rabbit Golf, an 84-meter (276-foot) super yacht. 'I don't like cinemas, I don't like movies, I don't like songs, I don't like karaoke, I don't like bars,' he told Singapore's Business Times. Goh leaves behind three children – Hup Jin, Chuen Jin and Chiat Jin – eight grandchildren and one great-grandchild, according to the statement. Hup Jin has helped run Nipsea and Wuthelam since the 1980s. Prominent landmarks painted with Nipsea's products include Singapore's Raffles Hotel and the Loha Prasat temple in Bangkok, according to the company. The family's other business ventures included a former shopping mall and Mount Elizabeth Hospital, both of which he developed and later sold. (Updates with details throughout.) More stories like this are available on ©2025 Bloomberg L.P.
