6 grandchildren of late Nippon Paint tycoon now billionaires after inheriting company stakes

Six grandchildren of the late Nippon Paint tycoon and once Singapore's richest man, Goh Cheng Liang, have become billionaires after inheriting stakes in a publicly traded firm.

The stakes are worth more than US$1 billion (S$1.28 billion) each.

Goh passed earlier in August at the age of 98.

Billions

According to Bloomberg, in December, a 55 per cent stake in Tokyo-listed Nippon Paint Holdings was transferred from Goh's family investment company, Wuthelam Holdings, to six of Goh's eight grandchildren, filings show.

Following the transfer, the six grandchildren became holders in Nipsea International, owning stakes worth more than US$1 billion (S$1.28 billion) each.

Children and grandchildren

Goh Cheng Liang had three children — two sons and a daughter — as well as eight grandchildren and one great-grandchild.

Goh Hup Jin

The tycoon's 72-year-old son, Goh Hup Jin, is a father of three — Charlotte, Henrietta, and Victoria.

Each received stakes worth about US$1.1 billion (S$1.4 billion).

Charlotte Goh is the founder of a foundation in Bali providing scholarships, medical services and family counselling to local children.

Charlotte and another grandchild are listed as owners of two separate mansions in Singapore, according to Bloomberg.

Goh Chuen Jin

Similarly, the elder Goh's other son, Goh Chuen Jin, has three children — April and two others.

April Goh received the biggest stake, worth about US$3.4 billion (S$4.36 billion), out of the six grandchildren, but Bloomberg understands that she is holding assets for two of her siblings.

Goh Chuen Jin is a retired adjunct professor of mathematics from an Australian university, while April Goh is a fellow at Columbia University's China Centre for Social Policy.

Goh Chiat Jin

Goh Cheng Liang's only daughter, Goh Chiat Jin, is a mother of two — Martin Yuen-An Lavoo and Johan Zhong An Lavoo.

The two received stakes worth US$1.1 billion (S$1.4 billion).

Goh Chiat Jin has been on the board of the Goh Foundation, the family's philanthropic organisation, for more than two decades.

Her son, Martin, 38, is the founder of local agri-tech, Temasek-backed start-up, Sustenir Agriculture.

Skipped a generation

The transfer of assets skipped one generation within Goh's family.

Bloomberg reported that Goh's son, Goh Hup Jin, retained 91 per cent of voting rights in Nipsea International.

This means he has de facto decision-making control over the firm.

Goh Hup Jin is the chairman of Nippon Paint and has been serving in the role since December 2014. He is also the group executive of Wuthelam Holdings.

Filings did not show shares under the tycoon's other son, Goh Chuen Jin, or daughter, Goh Chiat Jin, Bloomberg wrote.

Asian wealth owners typically pass on their assets to the next generation only after their lifetimes, Ethan Chue, CEO and founder of Family Succession Advisors told Bloomberg.

However, some do transfer their wealth directly to their grandchildren, especially in families where the second generation had already been gifted with assets, Chue added.

Bloomberg approached members of the family for comments, but all either declined or did not respond.

Goh made his US$13.1 billion (S$16.8 billion) fortune mainly from the paint business.

He was Singapore's richest man for years, according to Forbes, and was a philanthropist who donated to causes such as cancer research.

He also funded infrastructure projects such as the building of roads and sanitation systems in his ancestral home in China's Guangdong province.

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Top image via Nippon Paint Singapore Instagram and website