Stewart Elliot, much admired, over-achieving but modest energy magnate, has died

^{Stewart Elliott, founder of publicly listed Energy World Corporation, in his Sung Hung Kai Centre office in north Wanchai. Credit: Financial Review}

The much admired energy magnate Stewart William George Elliott has died, his son Graham informed SAI KUNG BUZZ. Stewart lived with wife Pam in the seashore property on Tai Mong Tsai Rd, Sai Kung with iron gates and white lions at the front.

Roger Medcalf, founder of BUZZ, said, “Stewart was a self-made man, an overachiever if ever there was one. At the height of his success he would have been a billionaire. But Stewart was modest, self-effacing, friendly and respectful to everyone. Most people never guessed he was so successful.” Stewart died in a Hampshire, UK, hospital on 24 July of a “blood condition”, Graham said.

Seventy-eight when he died, Stewart was from Portsmouth. He earned an engineering degree and went into the construction business, learning slipform construction. He moved to Hong Kong working for Gordon Wu of Hopewell Holdings as an executive director. Stewart’s slipform construction expertise is responsible for the Hopewell Centre in Wanchai. Stewart got into ever-bigger projects, building power stations in Asia. They created a company called Consolidated Electric Power Asia, which was listed on the stock exchange in 1993 and later sold to Southern Company of the USA for US$3.2 billion.

Stewart went out on his own with Energy World Corporation. It built power stations, LNG plants and terminals in Pagbilao, Philippines, Seng Kang, Indonesia, and Australia. Stewart owned a majority of the shares in EWC. At its height EWC was valued by the Australian Stock Exchange at A$800 million. The shares have since declined as news of the illness of Stewart, the key man, spread. Stewart also majority owned Energy World International, a private company that build other energy projects. He also controlled the Excelsior Hotel in Malta. 

Brian Allen, a former banker, has succeeded Stewart as chief executive of Energy World. Graham, Stewart’s son, is an executive director. EWC has a strong board of directors, some of whom are themselves billionaires.

“I remember Stewart and Brian in the downstairs coffee shop at the Sun Hung Kai Centre in Wanchai, where EWC has its office,” Roger Medcalf said. “When you went to say hello you would always get a big smiling welcome from Stewart. He would invite you to join them. Stewart was a lovely man. He’s a big loss and will be much mourned.”

Brian Allen commented: “Stewart’s influences, stewardship and guidance to the company will be sorely missed, but we are proud to take on and deliver his legacy working together, to bring his vision of delivering affordable and clean energy to Asia, utilising LNG as an interim fuel as the countries within Asia transit from fossil fuels to greener and cleaner energy.”

Here is the email from Graham informing BUZZ of Stewart’s passing:

Dear Roger,

I am very sorry to have to pass along the sad news that Stewart has passed away last week (Wednesday 24 July).  

Stewart was battling a blood condition that was first diagnosed in April this year.  Stewart was able to continue working and living a reasonably normal home life while the disorder was monitored and treated on an out-patient basis.  

Stewart had to go back into hospital on Friday 19 July, as he had been feeling unwell over the previous few days and they needed to rebalance both the treatment medications and his fluid levels.  

Pam and I had a very good visit with him at lunch time on the following Tuesday. Stewart was bright and engaged and looking forward to hopefully getting home in a few days time.  However, in the evening he took a rather dramatic turn for the worse and became progressively more unresponsive.  Pam and I were able to visit him again early Wednesday morning, his condition had continued to deteriorate and he passed away in the mid-morning.

Very best regards,

Graham Elliott