Indonesia Billionaire & Founder of $35 Billion Royal Golden Eagle (RGE) Sukanto Tanoto with $20 Billion Fortune Son Andre Tanoto Buys Singapore Bungalow at Fernhill Road for $15.6 Million, Located Near Nassim, Orchard Road & Shangri-la Hotel Singapore
29th November 2024 | Hong Kong
Indonesia billionaire & founder of Royal Golden Eagle (RGE, $35 billion assets) Sukanto Tanoto with $20 billion fortune son Andre Tanoto has bought a Singapore bungalow at Fernhill Road for $15.6 million (S$21 million), which is located near Nassim, Orchard Road & Shangri-la Hotel Singapore. In 2024 September, Sukanto Tanoto with $20 billion fortune hired 20-year private banking veteran & ex-lawyer Lee Wong as (General Manager) Head of Wealth Planning for Pacific Eagle Group (2024 September), and is responsible for Pacific Eagle Group ownership structures, family governance & next generation education. Lee Wong has 20 years of private banking experience at UBS, BNP Paribas, Coutts (Head of Wealth Planning, South Asia), UBP (Head of Wealth Planning South Asia) & Lombard Odier (Head of Family Services Asia), and was ex-Legal Counsel at leading Singapore law firms Allen & Gledhill and Drew & Napier. Sukanto Tanoto founded Royal Golden Eagle (RGE) 51 years ago in 1973 as a plywood business. Sukanto Tanoto family office is Pacific Eagle Asset Management (founded in 2002), and co-founded family philanthropic organization Tanoto Foundation in 1981 with his wife Tinah Bingei Tanoto. Sukanto Tanoto 4 children are Andre Tanoto, Imelda Tanoto, Belinda Tanoto & Anderson Tanoto. In 2024 January, China Dalian Wanda has sold its Shanghai 7-star hotel Wanda Reign on the Bund Hotel to Indonesia billionaire Sukanto Tanoto Singapore-based family office Pacific Eagle (RGE Group), with the reported selling price to be between $204 million to $234 million (CNY 1.44 billion to CNY 1.66 billion). China Dalian Wanda had acquired the land in 2011 and opened the hotel in 2016. In December 2023, Dalian Wanda reached a new agreement with existing shareholders with new & existing shareholders including private equity PAG, Ant Group, Country Garden to own 60% and Dalian Wanda to own 40% of Zhuhai Wanda Commercial Management. (Country Garden has reached a separate agreement to sell its 1.79% shareholding to Dalian Wanda for $428 million / HKD 3.07 billion and to receive 3 payments by 2024 March). The original agreement was $4.4 billion to be repaid to pre-IPO investors by end of 2023 if IPO fails. In June 2023, Dalian Wanda had applied for a Hong Kong IPO (Initial Public Offering) for the 4th time for Zhuhai Wanda Commercial Management. Dalian Wanda had owned 69.66% of Zhuhai Wanda Commercial Management. For the last 3 years, Zhuhai Wanda Commercial Management had exceeded the performance goals, with net profit for 2023 increasing +27% to $1.3 billion & revenue increasing +8% to $4.1 billion. Dalian Wanda is founded by Chairman Wang Jianlin in 1988, and is one of the world’s leading real estate company, leading film company, leading sports company and leading children’s entertainment company. In December 2023, Indonesian billionaire Sukanto Tanoto’s Royal Golden Eagle (RGE) made an offer to buy Hong Kong tissue & diaper maker Vinda International for $3.35 billion (HKD 26.13 billion), with Vinda founder Li Chao & Sweden’s Essity with combined 72.63% shareholding accepting the offer.
“ Indonesia Billionaire & Founder of $35 Billion Royal Golden Eagle (RGE) Sukanto Tanoto with $20 Billion Fortune Son Andre Tanoto Buys Singapore Bungalow at Fernhill Road for $15.6 Million, Located Near Nassim, Orchard Road & Shangri-la Hotel Singapore “
Indonesia Billionaire & Founder of $35 Billion Royal Golden Eagle (RGE) Sukanto Tanoto with $20 Billion Fortune Hires 20-Year Private Banking Veteran & ex-Lawyer Lee Wong as Head of Wealth Planning for Pacific Eagle Group, Responsible for Ownership Structures, Family Governance & Next Generation Education, Lee Wong Has 20 Years of Private Banking Experience at UBS, BNP Paribas, Coutts, UBP & Lombard Odier, ex-Legal Counsel at Leading Singapore Law Firms Allen & Gledhill and Drew & Napier
22nd October 2024 – Indonesia billionaire & founder of Royal Golden Eagle (RGE, $35 billion assets) Sukanto Tanoto with $20 billion fortune has hired 20-year private banking veteran & ex-lawyer Lee Wong as (General Manager) Head of Wealth Planning for Pacific Eagle Group (2024 September), and is responsible for Pacific Eagle Group ownership structures, family governance & next generation education. Lee Wong has 20 years of private banking experience at UBS, BNP Paribas, Coutts (Head of Wealth Planning, South Asia), UBP (Head of Wealth Planning South Asia) & Lombard Odier (Head of Family Services Asia), and was ex-Legal Counsel at leading Singapore law firms Allen & Gledhill and Drew & Napier. Sukanto Tanoto founded Royal Golden Eagle (RGE) 51 years ago in 1973 as a plywood business. Sukanto Tanoto family office is Pacific Eagle Asset Management (founded in 2002), and co-founded family philanthropic organization Tanoto Foundation in 1981 with his wife Tinah Bingei Tanoto. Sukanto Tanoto 4 children are Andre Tanoto, Imelda Tanoto, Belinda Tanoto & Anderson Tanoto.
Royal Golden Eagle (RGE) – RGE (Royal Golden Eagle) manages a group of resource-based manufacturing companies with global operations. Our work ranges from the upstream, comprising sustainable resource development and harvesting, to downstream, where our companies create diverse value-added products for the global market. Our commitment to sustainable development, conservation and community development underpins our operations, as we strive towards what is good for the community, good for the country, good for the climate, good for the customer, and good for the company. RGE was founded by Sukanto Tanoto in 1973 as RGM. The assets held by RGE companies today exceed US$35 billion. With more than 80,000 employees, we have operations in Indonesia, China, Brazil, Spain and Canada, and continue to expand to engage newer markets and communities.
Sukanto Tanoto – Sukanto Tanoto is the Founder and Chairman of RGE, a global resources-based manufacturing group of companies with corporate offices in Singapore, Hong Kong, Jakarta, Beijing and Nanjing. Mr. Tanoto started his first business more than 50 years ago supplying spare parts to the oil and construction industries. An entrepreneur and visionary, Mr. Tanoto entered the plywood business in 1967. Following this success, he ventured into other resources-based industries such as oil palm, forestry, pulp and paper, and power generation. [Mr Tanoto started his first business in 1967 as a supplier of spare parts and construction contractor to the oil industry; he founded RGE as a plywood business in 1973. Today, RGE companies own manufacturing operations in China, Indonesia and Brazil and sales offices worldwide. The business covers pulp and paper (APRIL and Asia Symbol), palm oil (Asian Agri and Apical), viscose staple fibre (Sateri), specialty cellulose (Bracell), and energy (Pacific Oil and Gas)] Today, RGE is a global group with assets exceeding US$35 billion, a workforce of 80,000 people and manufacturing operations in Indonesia, China, Brazil, and Canada, and sales offices worldwide. The business encompasses four key operational areas: pulp and paper (APRIL – Asia Pacific Resources International Holding Ltd and Asia Symbol), palm oil (Asian Agri and Apical), rayon and specialty pulp (Sateri and APR) and energy (Pacific Oil & Gas). Mr. Tanoto strongly believes that a company can only be successful if it is a responsible corporate citizen. Guided by his principle that all business should be conducted in a manner that is good for the community, good for the country, good for the climate, good for the customer and good for the company, Mr. Tanoto ensures that each of his businesses undertakes responsible environmental and social stewardship by embracing and integrating the concept of corporate social responsibility (CSR) into its business. CSR programs include integrated farming training schemes which have changed thousands of subsistence villagers into self-sufficient and sustainable farmers. Other community development activities include small and medium enterprise programs to help establish businesses, vocational training, community fiber farms and social infrastructure support. With a strong intellectual curiosity and a firm belief in continuous learning, Mr. Tanoto has not only continued his own education by undertaking management courses at leading business schools, such as INSEAD, Harvard and Wharton, but has also committed to providing educational assistance, in particular to rural communities. Mr. Tanoto is a member of the INSEAD International Council, the Wharton Board of Overseers, the Wharton Executive Board for Asia, and various other educational, community and industry bodies. He is a recipient of the Wharton School Dean’s Medal Award, which recognizes individuals for their contributions to the enlargement of the global economy and to the improvement of lives worldwide. Past recipients of the award include Chiefs of State, Nobel Prize winners, and Chairmen and CEOs of companies.
Tanoto Foundation – In 1981, Sukanto Tanoto and his family started Tanoto Foundation to help reduce poverty and advance human achievement. Tanoto Foundation has since grown to become an international philanthropy focused on supporting human capital development, mainly in the areas of early childhood education and development, basic education, leadership development and medical research. The Foundation has built its presence in Indonesia, China and Singapore, as well as partnerships with world-leading academic and research institutions.
Tinah Bingei Tanoto – Tinah Bingei Tanoto is the co-founder of Tanoto Foundation, where she remains a driving force behind the Foundation’s donations to education, medical research, and disaster relief. An avid champion of the Foundation’s philanthropic activities, she firmly believes in supporting community development, so that beneficiaries can be not only resilient but also live valuable, dignified lives. Mrs. Tanoto is also the Deputy CEO of Royal Golden Eagle (RGE), a global resource-based group of companies where she is actively involved in RGE’s strategic decision-making and has been an integral member of the Group’s management team guiding it through tough challenges notably during the early years. Mrs. Tanoto has served as Board member of Business Families Foundation and member of the Board of Trustees of Universitas Sumatera Utara, Indonesia.
Pacific Eagle Asset Management (PEAM) is a single-family office with global investment coverage across multi-assets. Founded in 2002, with offices in both Singapore and Hong Kong, PEAM employs more than 20 professionals and manages the financial assets of the family of Sukanto Tanoto. PEAM invests globally across a wide range of asset classes, in both public and private markets, with a medium to long-term focus.
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