Chuan Ratanarak

Chuan Ratanarak (ชวน รัตนรักษ์; 1920–1993) was a self-made Thai businessman who built one of the largest and most powerful business empires in Thailand.

Starting with nothing, Chuan was one of the legendary generation of Chinese merchants in Thailand to achieve success in one generation.

Chuan Ratanarak was born in Shantou, China in 1920 as Lee Bak Chuan and came with his family to live in Thailand when he was age 6.

Because of discriminatory anti-Chinese legislation in place from 1939 to 1957 under the pre and post-war premierships of Field Marshal Plaek Phibunsongkhram, and the uncertain political and business environment in post-war Thailand, it became necessary for Chinese business families to develop close business relationships with each other and with dominant military groups and powerful Thai families.

Chuan married Sasithorn in the 1940s and they had 6 children; one son, Krit, and 5 daughters.

He also took Krit's son, Chachchon, under his wing.

In the early years, Chuan worked from a modest office in the Chinatown branch of Bank of Ayudhya on Yaowarat Road and although he would move to larger modern offices as the business grew, he would remain a very private and family-oriented individual who, unlike many other prominent overseas Chinese businessmen, would seldom be seen at social functions or events.

Chuan was extremely hard working, often to be found at his desk at home working late into the night studying company documents or checking accounts on his abacus.

A gifted businessman, Chuan was a highly respected and admired figure in Thailand's business community with a reputation for diligence and assiduous attention to detail and was well known among Thailand's Teochew community.

Chuan was also known for his generosity and philanthropy, particularly where he saw the long term benefits for Thailand.

Among other projects, he set up an education foundation and financial support from Chuan was critical to the establishment of Sasin Business School and its later development.

He was loyal to those who remained loyal to him.

The staff in the group businesses were reported to be ‘very fond’ of him and ‘would work their hearts out’ for him, and many of his associates and colleagues became wealthy in their own right as the Ratanarak Group flourished.

In the 1940s, as a young man, he worked as a labourer at the Ratchawong pier in Bangkok's docks.

He saved his wages until he was able to buy his own ship and in a short period he established two of the most successful waterway transport companies of the time; Bangkok Transport and Bangkok Lighter.

Throughout the 1940s and 1950s Thailand's Chinese community played a key role in business and commerce.

In the 40 years from 1945, investment by Thailand's Chinese community far exceeded inward investment from overseas in both volume and in its impact on Thailand's development, and Chuan played a major part in developing Thailand's trajectory and economic modernisation, particularly in the period from 1960 to 1985 before overseas investment became more significant for Thailand's economic growth.

Chuan is recognised as one of the last great self-made Thai business Titans.

Although he achieved a position of considerable wealth and power, he remained modest, engaging and always true to his principles.

In the early 1950s, Chuan built particularly close relationships with among others the family of Field Marshal Praphas Charusathien and Field Marshal Thanom Kittikachorn, who would serve as Prime Minister between 1963 and 1971 and again between 1972 and 1973.

In 1954, Chuan founded the United River Transport Co Ltd with the support of Field Marshal Praphas Charusathien merging his existing shipping businesses - Bangkok Transport and Bangkok Lighter - into the new company.

Following the 1957 coup by Field Marshal Sarit Thanarat, Thailand underwent economic reform under the guidance of US economists, the World Bank and the IMF which accompany an expansion of US economic aid to Thailand.

The new, more open economic policy brought new opportunities for the Chinese business community - particularly the banking groups who took the lion's share of the new opportunities - and reduced their reliance on the military for protection.

In 1964 Chuan co-founded General Logistics Company, the largest shipping company at that time, with Field Marshal Praphas.

Chuan later sold his shares in the business.

By the time of his death in August 1993, age 73, Chuan was at the head of one of the three dominant business families in Thailand - the others being the Sophonpanich family and the Lamsam family - and the business group Chuan had created, the Ratanarak Group, included Thailand's most successful terrestrial broadcaster, a major retail banking and insurance group and the country's second largest cement producer.

Comparing Thai and US entrepreneurs, Professor Krishnamra, Director of the Sasin Business School at Thailand's Chulalongkorn University, has said “given the size of the market and the stage of development, Chuan as an entrepreneur was comparable to the Vanderbilts or Rockefellers”.

Chuan is the father of Krit Ratanarak and the grandfather of Chachchon Ratanarak.

When news of his death broke in 1993, the newspapers were filled with personal messages of condolence and tributes to his achievements and character placed personally by many of the leading figures in Thailand's business and political community in recognition of the position of respect Chuan had achieved within Thai society.

In an interview in 2013, Professor Krishnamra, the Director of Sasin Business School at Chulalongkorn University said of Chuan: “He had many good friends and he helped his friends to the end.

That is why he had many business colleagues.

He had above all a warm personality.

I also remember that he was very quick-witted.

He was sincere and a man of his words - whenever he said 'yes', he always meant it.

He had good friends and firm friends.

Nowadays there is no-one like Khun Chuan.

His warmth would bound over every obstacle”.

In business, Chuan combined a powerful intellect with imagination and ambition and would perceive and pursue long-term opportunities that would frequently defy conventional wisdom.

Chuan left behind a considerable legacy beyond the business empire.

During his working life he was responsible for considerable sums of investment made by Chinese businesses into the Thai economy financed by loans from the Ratanarak Group.