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Home / Business

Cashed-up Glenn has no plans to retire

NZ Herald
16 Jan, 2012 04:30 PM4 mins to read

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Owen Glenn. Photo / Paul Estcourt

Owen Glenn. Photo / Paul Estcourt

He may have just sold the company he founded with $2000 in 1978 for "a little less" than $500 million, but wealthy New Zealand philanthropist Owen Glenn has no plans to retire.

Glenn, who turns 72 next month, sold OTS Logistics Group last week to Man Capital, a London-based private equity group.

Although he did not disclose the exact sale price, he admitted he had "done rather well" from the deal, netting a little under half a billion dollars.

The Kiwi tycoon founded Direct Container Line in 1978, which became OTS Logistics following a merger with Brennan International and Conterm Consolidation Services in 1998.

Although Glenn has made an undertaking not to work in logistics for the next five years, he is keen to stay in business.

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"There is a number of other industries I'm interested in - tourism, media and property in the UK," he said. "I've got a lot of things coming across my desk and have done for quite some time actually and I'm just homing in on some of the ones I'm interested in."

However, the Monaco resident said he would enjoy a change of pace after leaving OTS and hopes to move to Sydney either this year or the next to spend more time with his family.

"Up till now I've been running everything in my company. I'd wake up in the morning and have something from 80 to 120 emails and I was very much hands-on and running it all and expanding it and buying companies. But I felt this is the time to not keep hopping on and off planes as I was doing and I can be more settled now. I have my new yacht as well ... It's real state of the art," Glenn said.

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The 34m superyacht is called Ubiquitous - the same name as his other luxury vessel - and Glenn hopes to berth the boat at Auckland's Viaduct from next January.

As well as business and the boat, Glenn will also fill his days horse-trading and devoting more time to philanthropic work.

"I'm also going to put in a lot more time into the foundation I have. I help with education and sport in New Zealand and various other things and thoroughbred racing is a love close to my heart. I'm actively buying horses, and selling and breeding as well. I'm not exactly going to be spinning around in my wheelchair," he said.

Glenn was born in Calcutta and sent to a Catholic boarding school in the Darjeeling region. Moving to New Zealand at 11, he attended Mt Roskill Grammar but left at age 15.

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His reputation is not only built around the wealth he has accumulated, but the money he has given away.

He is the founder and chairman of Glenn Family Foundation, a charitable group active in several countries including the US, UK, Australia, India, Nepal, Philippines, Fiji, China and New Zealand.

In 2002, Glenn gave $7.5 million to the University of Auckland Business School and has also supported the Millennium sporting institute and Hockey New Zealand.

Of late, the philanthropist has turned his attention to child abuse and domestic violence, a national problem he said needs an "all-encompassing bipartisan effort".

Asked if he had any political aspirations, the man who donated $500,000 to the Labour Party before the 2005 election said it was "past" him.

"But what could I do more than I've done other than form a political party? You know you couldn't shift votes if you were the second coming of the Lord ... it's 'my grandfather voted Labour or whatever' and we just go on and on and on and people are more interested in the hole in the road outside their driveway than the nation's health," he said.

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Although he believed New Zealand was a "wonderful, beautiful country", he had not seen a blueprint to get it "out of the doldrums that it's in".

"New Zealand almost deserves what it gets in, when they put Winston [Peters] back in," he said.

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