David Teoh: Untangling the start-up web of TPG’s reclusive billionaire + being frugal

neil on 01/11/2013 - 15:59

Interesting article about David Teoh, the billionaire boss of TPG. He's a very private person and you'll very rarely hear anything from him publicly. The comments from the article tells a bit about his frugalness:

first story is my favourite. Mr Toh as the subtext of the article implies is a rather cheap man. I forget the context but for many weeks in the North Ryde headquarters there was a rather large rip in the carpet. Back and forth raged an argument about who would take the bill to have the carpet fixed to David to sign off.

Clients, suppliers and staff were told to step over this. I was told it was quite hilarious to see a company worth hundreds of millions incapable of fixing a dangerously ripped carpet. Of course eventually some brave soul presented a proposed order/bill/costs to fix the carpet. In a move that really characterise what TPG and its CEO are about instead of signing off on this order Toh himself stepped out of his office and took to the rip with a a roll of gaffer tape.

As far as I know this rip/repair job is still there. On the back of that story I often told that TPG has the dirtiest office of any Sydney based carrier.

Wonder if he's an OzBargainer? TPG reminds me a bit of MSY, yet another company we know little about in regards to its ownership/story.

BRW: David Teoh: Untangling the start-up web of TPG’s reclusive billionaire and his family

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Comments

  • tanoshiiki on 01/11/2013 - 16:40
    +1

    I guess as long as he's fulfilling his OH&S obligations, it's okay!

  • Moots on 01/11/2013 - 16:49
    -4

    It's Teoh not Toh.

    • scotty on 01/11/2013 - 17:22

      I think Neil is just quoting the comment as is.

      Cool story though, where a billion dollar company having a frugal (or cheap :) chairperson at the top.

      • Moots on 01/11/2013 - 19:30

        His quoting a comment someone made on the page, anyway. I agree, but let's think about it. I know a couple of multimillionaires, one being a doctor. He walks 30 minutes on his lunch break in the most ran down, open holes everywhere shoes his on top dollar. I guess his experienced that once people see you spending they want more and more.

        I don't think it'll be pleasant working in a dirty environment though, that's a worry..

      • tonester on 02/11/2013 - 09:45

        http://finance.yahoo.com/blogs/daily-ticker/top-secrets-penn…

        Premji is the founder of Bangalore-based Wipro (WIT) and worth $17 billion, according to Forbes. The Indian tech titan reportedly monitors the number of toilet paper rolls used in Wipro facilities. And according to India Today, he used paper plates at his son’s wedding to save money.

        and besides warren buffett, don't forget wal-mart's waltons
        http://money.cnn.com/magazines/fortune/fortune_archive/2004/…

        :)

  • issh on 01/11/2013 - 17:32

    Never knew TPG was that big

  • scrimshaw on 01/11/2013 - 18:15

    As you would expect from a Malaysian :) Malaysian born chinese are apparently a frugal bunch, in sharp contrast to mainland middle to higher class Chinese.

    • Baghern on 01/11/2013 - 23:05
      +1

      He's been here for over 30 years… I think its safe to call him Australian…

      And he didn't start of rich…

      Its pretty good to see investing in Australia. Though the media will just report it a "asian born" buying up Australia.

    • scotty on 01/11/2013 - 23:22
      +1

      in sharp contrast to mainland middle to higher class Chinese.

      More than just frugality, but also mentality difference. Many rising middle class mainland Chinese just want to show off their growing wealth, whereas David Teoh here is an actual billionaire trying to dodge the media as much as he can.

      Agree with the comment about Malaysian Chinese. Feel like bargaining is a national sport there.

    • moocher on 02/11/2013 - 12:04
      +1

      Malaysian born chinese are apparently a frugal bunch

      Heh heh heh. Maybe it has something to do with the fact that most come from humble beginnings where our grandparents migrated from China and didn't have enough to eat during the Japanese occupation, and the younger generations are always told not to be wasteful. It is changing though, as the younger generations become more and more wealthy.

      Feel like bargaining is a national sport there.

      Outside shopping malls, most of the time the price tag is not the actual price they are expecting to get, you have to ask the shopowner for the price (i.e. "What's the REAL price?") and the haggling starts from there….

      Edit: And thanks Neil for the article, didn't know about David Teoh until now!

      • hctan on 08/12/2013 - 00:44

        On the other hand, in Malaysia its dangerous to show off your wealth. So most people keep it low key

  • spychiatrist on 01/11/2013 - 18:21

    hope that he is no slave driver. if you can't afford to fix a carpet, would you give your employees fair pay?

  • noz on 02/11/2013 - 07:51

    Interesting .. unless I'm missing something, that part of the article you quoted seems to have been removed from it.
    If this patch up job story is true, it is not just being frugal … it is a mental issue, where one cannot bear to part with money. I would hate to work for someone like that.
    I remember when they were a PC seller. I have used TPG laptops … and the build quality was atrocious.

    • neil on 02/11/2013 - 09:30

      It's not in the article. The quote is the first comment at the bottom of the page.

      It's a bit of a stretch to call it a mental issue. The big gov organization I used to work at had the same issues. The carpet was torn all over the building for years and we taped up the rips where we could. Embarrassing for any clients visiting. Finally, our landlords decided to recarpet but that involved removing all computers and furniture from the carpeted area, ripping out carpet, putting in new carpet.

      • noz on 03/11/2013 - 23:19

        I think your situation was a bit different. You didn't have a billionaire getting on his knees taping up the tear in the carpet. So I don't think calling it a mental issue is a stretch :)

  • esq on 04/11/2013 - 18:06

    Imagine being this guy's wife.

    "Darling I need some money to buy groceries." says Wifey.

    "No my dear, I will acquire dinner for us." Bear Grylls music starts playing. He ends up catching 20 nutritious bugs, breaks a body part, and everyone drinks his urine.

    "Good catch tonight dad." He smiles as he ruffles his son's extensive mullet, he'd have to use the free sample craft scissors on that again soon.

  • Baghern on 05/11/2013 - 11:16

    Just read the paper about all these so called celebrities being paid $75,000 just too appear at a marque for the Melbourne Cup.

    Can you imagine Teoh doing this, let alone paying for a marque.

    Does this silly spending of investors money really pay off?

    Is someone more likely to buy a Lexus because Naomi Campbel was at their Melbourne Cup Marque.

    In the end whats wrong with taping up carpet?

    Partially paying Oprah Winfrey to come to Australia - excellent. Paying a foreign ex boy band member to judge our talent… zzzz

  • skillet on 06/12/2013 - 11:09
    +1

    Everyone has a different way of doing things. First rule of operating a business is to reduce cost, then comes the profit. In this case, he has a lean business model that he built from scratch and it worries the other big telcos very much. Which I think is very successful. With the media calling him a Malaysian born Chinese is not doing his company good. To think that TPG is from overseas isn't quite right. TPG is a local company and privately own by a man who lives in Australia, whom eat the same bread and milk as you.

    Optus on the other hand is a company which is wholly owned subsidiary of Singtel from Singapore.

    With TPG investing in network infrastructures and planning to give NBN a small competition is giving Aussie some variety. Which is what a local company will do.

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