Late S'pore tycoon leaves billions to 6 grandchildren

Transfer of Goh Cheng Liang's fortune an unusual move for skipping one generation

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HONG KONG - An academic in New York and the founder of a Bali charity are among six people who inherited stakes in the paint empire built by Singapore's second-richest man.

The six are grandchildren of the late tycoon Goh Cheng Liang, who died in August aged 98, and who have each inherited stakes worth more than US$1 billion (S$1.3 billion) per person in a publicly traded firm.

The handover of the fortune that has skipped one generation marks an unusual transfer of assets for an ultra-rich Asian family.

Mr Goh was the founder of Nippon Paint South-east Asia, or Nipsea, which manages Asia-Pacific's biggest paint-making businesses.

Filings show that a 55 per cent stake in Tokyo-listed Nippon Paint Holdings, Japan's biggest paint maker, was transferred from the family's investment company, Wuthelam Holdings, in December to six of Mr Goh's eight grandchildren.

They became holders in Nipsea International, each owning stakes worth more than US$1 billion, according to a calculation by the Bloomberg Billionaires Index.

Mr Goh's son, Hup Jin, kept about 91 per cent of voting rights in Nipsea International, meaning he has de facto control of decision-making over the stake in the Tokyo-listed firm. The filings did not show shares under Mr Goh's other son, Chuen Jin, or daughter, Chiat Jin.

The structure indicates a clear succession plan that distributed a large amount of assets among the family's third-generation heirs while separating voting control - a rare move among Asian dynasties.

Mr Goh Hup Jin, 72, has been involved in the family business for decades.