KUALA LUMPUR, March 14 ― MyEG Services Berhad founder Wong Thean Soon was the biggest loser in the 2019 Forbes Malaysia Rich List.
Ranked at No. 48 on the list, he suffered the “biggest loss on the list in percentage terms” as his net worth plunged 63 per cent to US$280 million (RM1.14 billion).
Forbes reported that MyEG which provides online access to government services like utility payments was “hit after last year’s election on the perception that it was linked too closely to the outgoing government.”
It reported that a “big investor in the company, Norraesah Mohamad, the only woman on the list last year, fell off the rankings.”
A total of 30 tycoons saw their wealth decline, the report added.
“Sugar King” Robert Kuok stayed in first place with an estimated net worth of US$12.8 billion despite a drop of US$2 billion.
Another tycoon, Tan Sri Ananda Krishnan placed fourth in the list with a net worth of US$6.2 billion, down by US$900 million as shares in his energy service provider Bumi Armada reportedly fell by 78 per cent.
In fifth spot, IOI’s Tan Sri Lee Shin Cheng saw his wealth drop by US$200 million to US$5.4 billion.
However, the report also revealed that 11 tycoons on the list enjoyed gains.
Tan Sri Quek Leng Chan, who co-founded Hong Leong Group, added US$2.2 billion to his wealth and remained at No. 2 with a net worth of US$9.4 billion.
Public Bank Bhd founder and chairman Tan Sri Teh Hong Piow gained US$700 million, rising one spot to third place this year with a net worth of US$6.7 billion.
