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Minute of silence for Peter Munk

Minute of silence for Peter Munk

Assembly of the Municipality of Tivat held a minute of silence in the memory of Peter Munk.

Peter Munk, a Canadian immigrant who founded Barrick Gold and turned it into the world’s largest gold producer, has died at the age of 90. “Munk passed away peacefully in Toronto today, surrounded by his family,” Barrick said in a release.

Munk was born in Budapest on Nov. 8, 1927 in a wealthy Jewish banking family and fled with his family from Hungary in 1944 when the Nazis invaded. He arrived in Canada in 1948.

They arrived “with zero to offer, no skills, no money, no contribution, but with our hands out,” he said in a speech last September at the Toronto heart hospital bearing his name.

He started his first company while a student at the University of Toronto, employing students to sell Christmas trees outside supermarkets. He graduated with a degree in electrical engineering in 1952 and than he co-founded Clairtone—the Toronto-manufactured luxury sound system of the 1950s, that was promoted by Frank Sinatra, Hugh Hefner, Oscar Peterson and other celebrities

Munk and his partner decamped for Fiji to invest in a hotel. They would turn that into the Southern Pacific Hotel Corp., which at its peak consisted of 54 resorts in the South Pacific.

Munk sold the hotel business for $130 million and returned to Canada in 1979. Funds from that deal formed Barrick Investments in 1981, including ill-timed, money-loser Barrick Petroleum and Barrick Resources, which later became Barrick Gold and  turned it into the world’s largest gold producer.

Mr. Munk’s business ventures ranged from high-end electronics to real estate but it was as founder of Toronto-based Barrick with 10,000 employees on five continents, that he amassed most of his wealth.

In his later years, his focus turned to philanthropy, donating $300 million to numerous causes, most notably in a $100 million gift  to found the Peter Munk Cardiac Centre at the Toronto . He also funded the Munk School of Global Affairs at the University of Toronto with $51 million over the years.

“Peter Munk was a business legend.  But more importantly, he was a legendary good citizen. With his wife Melanie, he donated millions to better education and health care for other Canadians” said Toronto Mayor John Tory.

Speaking of his business ventures , we note that Mr. Munk played a key role in the development of Tivat municipality, developing a marina for super yachts after buying a port in Montenegro.

In 2007, he and a group of investors paid $26 million for a 99-year lease on a rundown, government-owned naval site close to Tivat airport.He turned a former naval base on the Adriatic Sea,  into a luxury village and one of the famous superyacht destination.

The first luxury marina in the Adriatic sea, Porto Montenegro, considered to be a favourite anchorage for superyachts and a desired residence for the international jetsetter, has been one of the most significant projects in Montenegro, with an impressive international reputation.

Thanks to Peter Munk Montenegro is has quickly found its place on the map for high-end tourism.

Super Marinas: Porto Montenegro’s rise as a yachting destination

La Parisien: Montenegro is a new Monaco

In May 2016 Canadian billionaire sold Porto Montenegro to The Investment Corporation of Dubai.

 

Arab fund is a new owner of Porto Montenegro; the purchase price remains secret

 

Source: CDM, Yacht Harbour

 

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