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,

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.

“Asian wealth owners, compared with their Western counterparts, are more likely to pass their assets to the next generation only after their lifetimes,” said Mr Ethan Chue, chief executive officer and founder of Family Succession Advisors in Singapore.

Some “do transfer their wealth to their children during their lifetimes, with a portion of them choosing to transfer some wealth directly to their grandchildren – usually in families where certain assets have already been gifted to the second generation”, he added.

An external press officer for the Goh family declined to comment on the stake distribution. Nippon Paint Holdings’ press office also declined to comment on the stake distribution, and said that the family prefers not to participate in any media interview regarding the matter.

Diverse interests

Mr Goh Hup Jin is the father of Charlotte, Henrietta and Victoria. Mr Goh Chuen Jin is the father of April and two other children. Ms Goh Chiat Jin is the mother of Martin Yuen-An Lavoo and Johan Zhong-An Lavoo.

Ms April Goh received the biggest stake of the six grandchildren, worth about US$3.4 billion, filings show. Her father, Mr Goh Chuen Jin, is a retired adjunct professor of mathematics from an Australian university. Both declined to comment.

Ms April Goh is a fellow at the Columbia University China Centre for Social Policy in New York, with a focus on gender-based violence, and formerly worked in finance.

She is holding assets for two of her siblings, according to a person familiar with the matter.

Ms April Goh is one of several Goh family members who appeared in a Chinese TV programme broadcast in December, in which they visited the late billionaire’s ancestral home in a village in Teochew, an area in China’s southern Guangdong province.

Mr Goh Hup Jin’s three daughters were granted a stake worth about US$1.1 billion each.

Eleven years ago, one of the daughters, Ms Charlotte Goh, co-founded a foundation that provides scholarships, tutoring, healthcare and counselling for children in Bali, according to its website.

The late Mr Goh’s only daughter, Chiat Jin, has been on the board of the Goh Foundation for more than two decades. It was set up in 1995 to support educational scholarships and medical research, filings show. Her eldest son, Mr Martin Yuen-An Lavoo, 38, is the only one of the six grandchildren that appears in the filings as a director of Nipsea International.

Over a decade ago, Mr Martin Lavoo helped co-found Sustenir Agriculture, a super foods vertical farms start-up that has been backed by Temasek. He had worked before in finance and sales.

“I’m just a regular guy that has decided to risk it all on trying something completely new,” he said in an interview published on the website Empirics Asia in 2015.

Paint empire

Mr Goh Cheng Liang had an estimated fortune of US$13.2 billion when he died on Aug 12. The tycoon, who was born in poverty and built an empire that made him the second-wealthiest person in Singapore, was known for keeping a relatively low profile throughout his life, with his heirs also maintaining similar discretion.

Luxury boats were among the reclusive late billionaire’s few overt splurges. His collection included White Rabbit Golf, an 84m super yacht.

Already a billionaire, the late Mr Goh saw his family’s wealth catapulting in 2021 after Wuthelam took a majority stake in Nippon Paint Holdings. Still, a prolonged decline in Nippon Paint’s stock after that took a toll on his estimated net worth.

Mr Goh was “a humble and private man” who loved spending time with his grandchildren and enjoyed boating, fishing, savouring good food and travelling, according to a press release by Wuthelam on the day of his death.

“My father was a beacon of kindness and strength,” Mr Goh Hup Jin said in the statement. “We are very fortunate to have had him show us how to be a good person.” BLOOMBERG(The Straits Times)

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