Ordinary Malaysians might be enjoying lower prices at the pump, but the local billionaires whose investment portfolios rely heavily on oil and gas are reeling from the worldwide drop, with some even getting disqualified from the exclusive B Boys Club.
Forbes has published a new overview of Malaysia’s wealthiest, and the losses they’ve incurred since the price of oil dropped from USD115 to below USD50 a barrel.
Chief among them is Mokhzani Mahathir, second son of former Prime Minister Dr Mahathir Mohamad and Malaysia’s 26th richest man, whose fortunes shrank by a staggering RM1.8 billion, effectively making him not a billionaire anymore.
SapuraKencana Petroleum, the recipient of much of Mokhzani’s oil investments, also caused the loss ofwealth for its main investors, brothers Shahril and Shariman Samsuddin, who saw their net worth drop from USD1.4 billion (RM5.01 billion) to USD860 million (RM3.08 billion).
The the wealthiest men in the country were likewise not spared. Robert Kuok, Ananda Krishnan and Quek Leng Chan, each of whom have signifcant investments in the oil and gas industries, also saw the value of their portoflios drop this year.
Out of Malaysia’s top 50 fortunes, 11 have investments in the oil and gas sector.
Get Coconuts news delivered to your inbox! Subscribe to our newsletter below for a chance to win a limited edition Coconuts hat.
