the national bank of Brunei in the 1960s, his search for a legitimate banking vehicle continued. In 1981, Khoo bought Australia's Southern Pacific Hotel Corporation – parent of the Travelodge chain – using funds from the National Bank of Brunei. He sold it in 1988 as part of his asset liquidation process to make restitution to the Bruneian government. After the death of the former Sultan Omar in 1986, Sultan Hassanal arranged for an investigation into the finances of the National Bank, leading to its closure. Khoo had allegedly taken unsecured and undocumented loans of more than £300 million from the bank. He was never charged, but his son Khoo Ban Hock served two years in prison for his role in the affair. In 1986, an opportunity arose when as a white knight, Khoo made a dramatic acquisition of a 5% stake in the British bank Standard Chartered, being one of three financiers who came to the rescue of Standard Chartered to stave off a hostile takeover by Lloyds Bank. He subsequently grew his stake to almost 15% to become the single largest shareholder. In 1990, Khoo made a contribution of S$10 million to the Singapore government's 25th anniversary charity fund – to help children, the elderly and the disabled. He was listed as Singapore's richest businessman by the business magazine Forbes in 2003. In 2004, after Khoo died at Mount Elizabeth Hospital from a heart attack, it was revealed that he has a bigger stake in three of his listed companies Goodwood Park, Hotel Malaysia and Central Properties than it was disclosed to the Singapore Exchange. His daughters, Jacqueline and Elizabeth, who were in management positions at the companies, were fined a total of S$500,000. Khoo left his Standard Chartered stake, then approximately 11.5%, to his children. In March 2006, they sold it to Singapore's Temasek Holdings. Philanthropy In 1981, Khoo set up the Khoo Foundation, a charity fund, with an initial S$20 million. The foundation donated S$125 million towards the construction and operation of a hospital, Alexandra hospital @ Yishun, in Yishun, Singapore. In 2007, the hospital was subsequently renamed after Khoo as Khoo Teck Puat Hospital in recognition of the contribution by the Khoo foundation. Honours : Commander of the Order of Loyalty to the Crown of Malaysia (PSM) – Tan Sri (1966) : Knight Grand Commander of the Order of the Crown of Terengganu (SPMT) –