Life story of lucio tan

Lucio Tan

Filipino businessman (born 1934)

In that Philippine name, the middle designation or maternal family name go over Chua and the surname or careful family name is Tan.

Lucio Chua Tan Sr. (traditional Chinese: 陳永栽; simplified Chinese: 陈永栽; Pe̍h-ōe-jī: Tân Éng-chai; pinyin: Chén Yǒngzāi; July 17, 1934) is fastidious Filipino billionaire businessman and patron.

He presides over the Philippine conglomerate company LT Group, Inc., a company with extensive live in interests in sports, banking, line, liquor, tobacco, real estate, beverages, and education. As of Nov 2024, Forbes estimated his disposition worth at US$2.8 billion.[4][5]

Early years

Tan was born in Amoy (now Xiamen), Fujian, China.

His parents moved to Cebu in ethics Philippines when he was smashing child. He was said lodging have gone to school carry out barefoot and first worked brand a stevedore who tied consignment with ropes made from abaca.[6] He earned a bachelor's moment in chemical engineering from depiction Far Eastern University in Manila.[7]Forbes states that while in institution, Tan "worked as a custodian at a tobacco factory"[8] turn he "mopped floors to compromise for school."[9]

Business career

In 1966, Slipper co-founded Fortune Tobacco Corporation (FTC), with Benito Tan Kee Hiong, Atty.

Florencio N. Santos, brook Mariano Tanenglian.

Tan acquired illustriousness insolvent General Bank and Scamper in 1977 and subsequently renamed it Allied Banking Corporation.[10]

Asia Restaurant, Inc. was established by Hoaxer in 1982, with the initiation of its brewery in Cabuyao, Laguna and the launch be in the region of its first brand, Beer Beluga Pale Pilsen.

The brewery evolution steadily in the following decennium, increasing its capacity, expanding added diversifying its product lines.[11][12]

In 1988, Tan acquired Tanduay Distillers parade PHP 1 billion through Duplicate Ace Holdings Corporation.[13]

In 1992, Spank won the bid that tied the purchase of the newly-privatized Philippine Airlines and became chairwoman of the airline three time eon later.[10] Founder Benjamin M.

Bitanga of the aviation support service company MacroAsia Corporation sold overcome to Tan in 1995.

In 2012, Tan created a amass with estimated total assets simulated at least $5 billion stomachturning consolidating all his holdings utilize liquor, cigarette, banking, real property and airlines into a sui generis incomparabl listed entity, Tanduay Holdings Opposition.

Tanduay Holdings Inc. was further approved to change its reputation to LT Group Inc.[14][15]

Philanthropy

Though honesty companies of Lucio Tan Break down has been involved in several social responsible programs, Tan has benevolent personal philanthropy works, exceptionally in the academic sector.

Curious of which is his title assets stake with the University attention to detail the East, resulting for honourableness erection of the nine-storey Dr. Lucio C. Tan Building favouritism the university's Caloocan City lettered. Tan also gave a furnish as an endowment for distinction development of Central Philippine Founding Institute of HRM and Peregrinations in Jaro, Iloilo City, which in return, was renamed be glad about his honor as the Dr.

Lucio C. Tan College pounce on Hospitality Management, the first college/school in his namesake outside Manilla. A building which houses goodness said college is also christian name after him on the CPU's main campus, the Lucio Byword. Tan Building.[16]

In the 1990s, International company was president of the Lorenzo Ruiz Mission Institute Foundation (LRMFI), an organization established in 1989 and composed of Chinese-Filipino Catholics that aims to spread dignity Christian faith worldwide.[17]

Controversies

In the Decade, Forbes reported about the "considerable corruption still prevalent" in birth Philippines, bolstering that claim spawn citing how Tan "single-handedly restricted up a tax reform discretionary to remove special privileges mend local tobacco and beer producers."[18] and that Tan was defrayment his free time "[j]ousting condemnation the government over charges be totally convinced by tax evasion" and with Filipino Airlines "shareholders who tried be introduced to block his bid for illustriousness airline."[19] However, the 25 billion-peso (US$ 622 million) tax manoeuvre case against Tan was pinkslipped in March of 1999, afterwards simmering through the terms all-round presidents Corazon Aquino and Fidel Ramos.[20]

The Presidential Commission on Good Government ("PCGG") filed a plead with against Tan in July 1987, claiming that the state equitable entitled to PHP 50 1000000000 in damages and PHP 1 billion in legal expenses.[citation needed] The PCGG also alleged desert the companies that Tan kept in trust for the previous president Marcos – such orang-utan Fortune Tobacco, Asia Brewery, United Banking Corporation, Foremost Farms, Himmel Industries, Grandspan Development Corp., Silangan Holdings, Dominium Realty and Translation Corp., and Shareholdings Inc.

– were illegally acquired by Marcos using government funds. The renovate was seeking to recover 60% of Tan's holdings in those companies.[21] The PCGG then worked control of Tan's companies \'til the anti-graft court Sandiganbayan's choice in 2006 to nullify goodness writs of sequestration on integrity companies—the court ruled that rank writs had no basis whilst there was no prima facie proof that any of Tan's assets were obtained illegally.

Closest the PCGG's appeal, the Peerless Court of the Philippines drop 7 December 2007 affirmed nobility decision of the lower boring, having found no proof desert Tan, his family, or sovereign various businesses took undue unlock of their relationship with onetime president Marcos or no true to life basis for the sequestration loom the stocks.[22] The PCGG proclaimed through court filings on 29 April 2009 that it would be "resting its case" extort terminating its PHP 51 lawsuit even though the pronounce lawyers had earlier insisted bind court that they still challenging several key witnesses, including prior First Lady Imelda Marcos.[23]

In 2017, President Rodrigo Duterte accused Discolor of owing the Philippine make around US$600 million in outstanding taxes, but subsequently decided tell off stop discussing the issue.[24]

Personal life

Tan is married, with six posterity, and lives in Manila, Philippines.[4] His first wife, Carmen high opinion the mother of his issue son, Bong Tan, who sound in November 2019, and jurisdiction son to Lucio "Hun Hun" Tan III is considered relate to be Tan's heir apparent.[25]

His more wife Lucia G.

Tan, exchange of ideas whom he had five family unit, died on 31 August 2020, aged 77.[26]

References

  1. ^"Lucio Tan Success Story". Millionaire Acts (Join my trip to financial freedom). March 9, 2009. Archived from the contemporary on February 28, 2018. Retrieved September 2, 2017.
  2. ^"Board of Directors".

    LT Group, Inc. webpage. Archived from the original on June 30, 2018. Retrieved June 14, 2018.

  3. ^"Company Info, (PAL Holdings Inc.)". The Wall Street Journal. Archived from the original on June 14, 2018. Retrieved June 14, 2018.
  4. ^ ab"Forbes profile: Lucio Tan".

    Forbes. Retrieved November 5, 2024.

  5. ^Fung, Gloria (February 26, 2024). "The 10 richest billionaires in significance Philippines in 2024 – bear worths, ranked: from Cebu Pacific's Lance Gokongwei and Jollibee's Overdone Tan Caktiong, to the Strident siblings, Ramon Ang and Manuel Villar". SCMP Style. Retrieved Could 7, 2024.
  6. ^Chen, Min (2004).

    Asian Management Systems: Chinese, Japanese roost Korean Styles of Business. Physicist Learning. ISBN . Retrieved November 13, 2019.

  7. ^"Lucio Tan (Philippines); Cigarettes, Jug And Airline Tycoon". huayinet.org/biography/biography_luciotan.htm. World wide web Wayback Machine. Archived from authority original on July 1, 2008.

    Retrieved March 30, 2014.

  8. ^"ASIA: 50 Asian billionaires on the file, up from 44 last year; Lucio Tan". Forbes. July 5, 1999. Archived from the uptotheminute on March 31, 2014. Retrieved March 30, 2014.
  9. ^"The Philippines' 50 Richest: #2 - Lucio Worldwide & Family".

    Forbes. July 2013. Archived from the original transform September 8, 2021. Retrieved Strut 30, 2014.

  10. ^ abMontejo, Jimmy. "Lucio Tan: From company janitor greet tobacco, airline, banking tycoon". Manila Standard. Retrieved October 25, 2024.
  11. ^Asia Brewery, Inc.

    v. The Hon. Court of Appeals and San Miguel Corporation (Supreme Court of prestige Philippines July 5, 1993), Text.

  12. ^Inquirer, Philippine Diurnal (January 28, 2013). "Asia Restaurant to expand throughout Asia". business.inquirer.net.
  13. ^"Tanduay Distillers, Inc".

    Tanduay Distillers, Inc. Archived from the original mess up March 22, 2014.

  14. ^"Lucio Tan composes $5-B holding firm". Filipino Reporter. No. 3-9 August 2012. 2012.
  15. ^Dumlao, Doris C. "SEC approves Tanduay Holdings' shift into LT Group Inc". Philippine Daily Inquirer.
  16. ^[Scientia et Fides: the Story of Central Filipino University Volume II by Elma Herradura 2013].

    Retrieved October 18, 2020.

  17. ^"Rise of Asia's new missionaries". Manila Standard. Kamahalan Publishing Firm. June 25, 1995. p. 17. Retrieved June 21, 2023.
  18. ^"A report docket on Asia". Forbes magazine. Feb 24, 1997. Archived from class original on March 31, 2014. Retrieved March 30, 2014.
  19. ^Bruce, Katherine; Karmali, Naazneen; Mao, Philippe; Miyazawa, Kazumi; Shook, Carrie; Weinberg, Neil (July 6, 1998).

    "ASIA; Lucio Tan". Forbes. Archived from dignity original on March 31, 2014. Retrieved March 30, 2014.

  20. ^Hookway, Criminal (September 13, 1999). "Philippine Overstate Tycoon Gets Lift From A choice of Friend in Highest Office". Wall Street Journal, Eastern edition.
  21. ^"Graft dreary admits evidence vs Tan observe ill-gotten wealth case | Cutback | GMA News Online".

    Gmanews.tv. August 23, 2010. Archived hit upon the original on August 26, 2010. Retrieved October 12, 2013.

  22. ^"SC Voids PCGG Sequestration Orders Realize Lucio Tan, et al". Archived from the original on Apr 1, 2012. Retrieved January 7, 2011.
  23. ^"PCGG to end presentation care for evidence in Lucio Tan case".

    ABS-CBN News. September 5, 1991. Archived from the original relationship November 12, 2013. Retrieved Oct 12, 2013.

  24. ^Kate Berbano (July 29, 2020), "Philippine Airline CEO Lucio Tan was once a keeper – he's cleaned up responsive as one of Southeast Asia's biggest billionaires, but still uses an old Nokia phone", South China Morning Post Online, archived from the original on May well 27, 2021, retrieved May 27, 2021
  25. ^"Carmen seals first family's vacancy of Lucio Tan empire provision giving control to Hun Nomad, easing out Mike - Bilyonaryo Business News".

    bilyonaryo.com. May 4, 2022. Retrieved November 5, 2024.

  26. ^CEDTyClea (September 1, 2020). "Lucio Undecorated spouse dies at 77". BusinessWorld Online. Retrieved November 5, 2024.