Summit Group Chairman Muhammed Aziz Khan has emerged as one of Singapore’s richest people With $910 million net worth.
The Bangladeshi businessman ranked 34th among 50 richest people in the city state, according to a 2018 list published by Forbes.
His daughter, Ayesha Aziz Khan, runs Summit Power International, a Singapore-based company that now holds assets of at least 17 power plants in Bangladesh with total generating capacity exceeding 1,644 megawatts.
Summit Power was originally established in Bangladesh as its first independent power producer in 1997.
Summit reflected 21 percent of Bangladesh’s total private installed capacity and 9.0 percent of total installed capacity as of 2017, according to the company’s website.
The Forbes list published on July 25 was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
Mr Khan is one of the three newcomers to the 2018 list. The other two are Gordon Tang of property firm SingHaiyi Group and online gaming whiz Forrest Li, who listed his firm Sea on the NYSE in October.
Khan is the son of an army officer and the younger brother of former commerce and aviation minister Faruk Khan who is a member of the ruling Awami League’s presidium.
His name appeared in the Offshore Leaks Database published by the International Consortium of Investigative Journalists.