India-origin person among Malaysia's richest 40
The total net worth of 40 richest people in Malaysia compiled by Forbes magazine has touched $46 billion and has at least one India-origin individual in this year's list.
Topped by 84-year-old Robert Kuok who has diverse business interests, the latest list has ranked India-origin Vinod Sekhar at the 16th place with fortunes to the tune of 320 million dollars.
According to the magazine, the total net worth of the top 40 people in the country is 46 billion dollars, up three billion dollars from last year. "But that figure is skewed by strong gains by three tycoons who are up a combined 4.9 billion dollars," it pointed out.
At the second spot is Ananda Krishnan who runs the telecom firm Maxis, with a net worth of 7.2 billion dollars and Lee Shin Cheng placed third in the list, having fortunes of 5.5 billion dollars.
Maxis which became a private firm in leveraged buyout in 2007 has 74 per cent stake in India's telecom operator Aircel.
Noting that 40-year-old Sekhar runs Petra Group, named after his daughter, Forbes said the company is best known for its Green Rubber Global, which has a patented process to devulcanise used rubber, so that it can be recycled.
"Plans to list Green Rubber in London last year were delayed. Fortune down a bit due to more conservative valuation of other holdings. Forbes family members and Mel Gibson are minor shareholders," the magazine said.
Net worths for people with publicly traded fortunes were calculated with share prices and exchange rates from May 9. For privately held fortunes, the magazine said it used database company BRIS and other sources to estimate what companies and assets were worth if public.