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Draft:Sithy Heng

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Neak Oknha
Heng Sithy.[1]
BornJanuary 26, 1989 (age 35)
Phnom Penh, Cambodia
CitizenshipCambodian
EducationUniversity of Queensland
Occupation(s)Businessman, Investor
Known forFounder of HS Investment Group, Founder of Maritime Development Group Cambodia, Founder of Maritime Bank of Cambodia[2], Former Vice President of the Cambodia Chamber of Commerce[3] Philanthropy
Children4
Parents
  • Chong Sovanny (father)
  • Ly Channy (mother)

Heng Sithy, also known as Neak Oknha Heng Sithy[4] or Mr.Wang (Chinese name: 王速帝), born on January 26, 1989, is a prominent figure in Cambodian business and philanthropy. Heng has established himself as a notable investor and billionaire, boasting a diverse portfolio spanning various sectors. Formally, Heng has served as the Chairman[5] of Maritime Development Group[6] Cambodia and Maritime Bank Cambodia[7], and has held the position of Vice President of the Cambodia Chamber of Commerce[8]

Prior to his current ventures in equity investing, Heng Sithy was the owner of multi-million-dollar businesses[9] in Cambodia. Recognising the importance of global expansion, he diversified his investments into international ventures across Australia, Japan, and other ASEAN countries.

Beyond his business endeavours, Heng Sithy is renowned for his philanthropic efforts, particularly during times of crisis. In response to the COVID-19 pandemic, he donated US$1 million[10] to Health Cambodia to support the country's healthcare infrastructure[11] and has contributed significant sums to organisation and causes such as the Red Cross[12], the Kantha Bopha Hospital Foundation, temple construction,[13] aiding in disaster relief.[14]

According to private sources, Heng's net worth stood at US$1.2 billion[15] in 2020, however, has since experienced financial losses of $400 million attributed to the COVID-19 pandemic. Nonetheless, Sithy Heng remains a resilient and influential figure in both the Cambodian and international business landscapes. His commitment to philanthropy, coupled with his astute business strategies, has earned him admiration and respect, making him an esteemed partner for collaboration and investment opportunities.

Early Life and education

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Heng Sithy was born in a shared home on January 26, 1989, in Phnom Penh, Cambodia, amidst the aftermath of the civil war, which saw the withdrawal of Vietnamese troops. Heng was raised in humble circumstances and his upbringing was overshadowed by the relentless hardships of profound poverty. Heng's family did not own a house of their own. They lived in a small and cramped space within a overcrowded communal home, shared among multiple other struggling families. Heng grew up lacking access to basic necessities. His home had no electricity and his family frequently found themselves struggling to afford essentials such as food, clothing, and healthcare.

Both of Cambodian descent, his father, Chong Sovanny, served as a policeman, while his mother, Ly Channy, worked tirelessly as a housewife and laboured at a bakery to help make ends meet. From a young age, Heng shouldered the responsibility of contributing to his family finances through labour and assumed the role of caretaker for his two younger brothers as the eldest among his siblings. Despite the weight of his responsibilities and limited educational opportunities, Heng managed to excel in his academics and against all odds, overcame these hardships and embarked on a journey that eventually led to his success across multiple pursuits.

Following his completion of high school education in Cambodia, Heng pursued a Bachelor of Business before furthering his education abroad. Heng obtained a university degree in International of Business from the University of Queensland, Australia.

Career

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Heng began working at the age of 15, engaging in diverse employment endeavours such as tour guiding, driving and law enforcement to finance his education fees in Phnom Penh, Cambodia. At 19, he established his first entrepreneurial venture as a small independent constructor to save up funds for further tertiary education in Australia. Following his arrival in Brisbane, Heng undertook more laborious work including newspaper delivery, part-time waiting, overnight taxi driving, and agricultural work on a vegetable farm to sustain his living expenses and tuition fees.

In 2009, Heng graduated from the University of Queensland and planned to commence his professional career in Australia. However, his father fell ill and prompted his return to Cambodia to provide care for his family.

After his father's recovery in 2011, Heng opted to remain in Cambodia instead of resuming his pursuits in Australia. Heng worked as an assistant to Chinese investors who came to seek opportunities in the Cambodian market. It was during this professional engagement that Heng met Zhu Jia, an investor from Zhejiang Province China. Zhu Jia became a mentor to Heng where Jia imparted invaluable insights spanning life, business, investments and political affairs to Heng.

In 2011, Heng founded the HS Investment Group, specialising in facilitating investor engagement in Cambodia's trading business. The company primarily focused on importing stele and construction materials from China and exporting rubber from Cambodia to China. Leveraging the success of these ventures, Heng established his rubber factory and sold it to Chinese enterprises. He then ventured into additional projects, such as a rice factory, which significantly contributed to his wealth accumulation. With these profits, Heng began investing into real estate in promising areas of Cambodia.[16]

In 2013, Heng's notable contributions were acknowledged with the honorific title of "Oknha" which was bestowed by the Cambodian monarchy. The 2017 real estate boom in Cambodia catapulted Heng's asset net worth to US$450 million, solidifying his position as a powerful investor. This enabled him to forge a close working relationship [17] with the former Prime Minister, Hun Sen, who became a significant source of support for Heng. In 2018, Heng furthered his entrepreneurial ventures by establishing Maritime Towers[18][19]. Building upon his success, he expanded his business portfolio in 2019 by founding Maritime Bank [20][21] of Cambodia. [22] 2021 marked another milestone for Heng as he was bestowed with the additional title as 'Neak Oknha' by the Cambodian monarchy, ranking 9th.[13] In 2023, Heng expanded into the global market as an equity investor following the succession of former Prime Minister Hun Sen by his son, Hun Manet. This expansion led to investments in Japan, Australia, and other ASEAN countries.

Personal Life

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Heng is a devoted and proud father to four children and finds excitement in exploring the world through travel, immersing himself in diverse cultures and landscapes.

Heng is a dedicated sports enthusiast. He is a fan of the Carlton Football Club in the Australian Football League, as well as the Chelsea Football Club in the English Premier League. Alongside his interest in football, Heng also follows the world of Formula One[23] racing.

Philanthropy

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In 2020 Heng demonstrated his commitment to humanitarian causes by making large donations[24] to his homeland. Heng donated US$1 million[25] to the Cambodian government to purchase the COVID-19 [26]vaccines[11] in addition to Maritime's Bank notable donation to the Cambodian Ministry of Health to aid in the prevention of COVID-19. [27]

Heng further exemplified his compassion by donating US$100,00 in 2020 to the government to support relief[28] efforts for those affected by flooding in Cambodia.[29]

Heng makes a yearly donation of US$100,000 to the Cambodian Red Cross [30] and addition, extends support to education, poverty alleviation and temple constructions in Cambodia.[13]

Recognising the need for sustained support and transparency in charitable endeavours, Heng plans to establish a charity for ASEAN communities dedicated to uplifting vulnerable members of society, particularly children.

His commitment to philanthropy has garnered him numerous awards and recognitions in Cambodia due to his multi-million donations to the country.[21]

References

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  1. ^ "ស្វាគមន៍មកកាន់សភាពាណិជ្ជកម្មកម្ពុជា".
  2. ^ "Maritime Group launches bank - Khmer Times". 8 April 2019.
  3. ^ "ស្វាគមន៍មកកាន់សភាពាណិជ្ជកម្មកម្ពុជា".
  4. ^ "ស្វាគមន៍មកកាន់សភាពាណិជ្ជកម្មកម្ពុជា".
  5. ^ "| Maritime Bank".
  6. ^ "Maritime Group launches bank - Khmer Times". 8 April 2019.
  7. ^ "Grand Opening and Official Launch | Maritime Bank".
  8. ^ "ស្វាគមន៍មកកាន់សភាពាណិជ្ជកម្មកម្ពុជា".
  9. ^ "Maritime Bank Specialized Bank PLC" (PDF).
  10. ^ "| Maritime Bank".
  11. ^ a b tharith (2020-12-08). "Cambodia Government Receives Near $20M from Donors to Buy COVID19 Vaccines". FRESH NEWS. Retrieved 2024-05-06.
  12. ^ "| Maritime Bank".
  13. ^ a b c "Congratulations to Oknha Heng Sithy | Maritime Bank". www.maritimebank.com.kh. Retrieved 2024-05-06.
  14. ^ "បញ្ជីឈ្មោះសប្បុរសជនដែលចូលរួមឧបត្ថម្ភថវិកាជូនសម្តេចតេជោ ហ៊ុន សែន សម្រាប់ជួយសង្គ្រោះពលរដ្ឋរងគ្រោះដោយសារទឹកជំនន់". 20 October 2020.
  15. ^ "Maritime Bank Specialized Bank PLC" (PDF).
  16. ^ "精彩柬埔寨·魅力吴哥窟-温州推介会". Weixin Official Accounts Platform. Retrieved 2024-05-07.
  17. ^ chivorn (2018-06-26). "Maritime Development Group Welcomes Deputy Major Daegu Metropolitan City". FRESH NEWS. Retrieved 2024-05-21.
  18. ^ "កម្ពុជានឹងមាន ទីលានប្រណាំងរថយន្ត តម្លៃជាង៣០លានដុល្លានៅឆ្នាំ២០២២ខាងមុខ". 2 November 2021.
  19. ^ "Maritime Tower | Office Buildings in Phnom Penh | Knight Frank Cambodia".
  20. ^ chivorn (2019-01-27). "Groundbreaking Ceremony for Maritime Group's $30M Modern Office Building". FRESH NEWS. Retrieved 2024-05-21.
  21. ^ a b khmertemouy. "សម្តេចតេជោ ហ៊ុន សែន ថ្លែងអំណរគុណដល់លោកឧកញ៉ា ហេង សិទ្ធី និងលោកជំទាវ ដែលបានបរិច្ចាគថវិកា១លានដុល្លារ ដើម្បីទិញវ៉ាក់សាំងកូវីដ១៩". Retrieved 2024-05-06.
  22. ^ "Maritime Group launches bank - Khmer Times". 2019-04-08. Retrieved 2024-05-06.
  23. ^ "| Maritime Bank".
  24. ^ chivorn (2020-12-11). "Samdech Techo Hun Sen Thanks Okhna Heng Rithy for $1M Donation for COVID19 Vaccine Purchase". FRESH NEWS. Retrieved 2024-05-21.
  25. ^ "| Maritime Bank".
  26. ^ chivorn (2020-12-07). "Oknha Heng Sithy Donates $1M for Purchase of COVID19 Vaccines". FRESH NEWS. Retrieved 2024-05-21.
  27. ^ "Maritime Specialized Bank donates 15,000 pieces of DETTOL soap | Maritime Bank". www.maritimebank.com.kh. Retrieved 2024-05-06.
  28. ^ chivorn (2021-01-22). "Maritime Group to Invest $200M in 100MW Wind Power Project in Mondulkiri". FRESH NEWS. Retrieved 2024-05-21.
  29. ^ "| Maritime Bank".
  30. ^ "Neak Okhna Heng Sithy has donated the US $100,000 to the Cambodian Red Cross. | Maritime Bank". www.maritimebank.com.kh. Retrieved 2024-05-06.
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