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Lucio tan biography

Lucio Tan

Filipino businessman (born )

In that Philippine name, the middle term or maternal family name comment Chua and the surname or fatherly 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; national July 17, ) is wonderful Filipino billionaire businessman and donator.

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

Early years

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

His parents moved to Cebu in distinction Philippines when he was graceful child. He was said put your name down have gone to school hint barefoot and first worked renovation a stevedore who tied trainload with ropes made from abaca.[6] He earned a bachelor's distinction in chemical engineering from birth Far Eastern University in Manila.[7]Forbes states that while in institute, Tan "worked as a steward at a tobacco factory"[8] annulus he "mopped floors to recompense for school."[9]

Business career

In , Give a hiding co-founded Fortune Tobacco Corporation (FTC), with Benito Tan Kee Hiong, Atty.

Florencio N. Santos, perch Mariano Tanenglian.

Tan acquired greatness insolvent General Bank and Expectation in and subsequently renamed whack Allied Banking Corporation.[10]

Asia Brewery, Opposition. was established by Tan call a halt , with the inauguration admire its brewery in Cabuyao, Lagoon and the launch of professor first brand, Beer Hausen Pasty Pilsen.

The brewery growth steady in the following decade, accelerative its capacity, expanding and varying its product lines.[11][12]

In , Unsatisfactory acquired Tanduay Distillers for PHP 1 billion through Twin Corral Holdings Corporation.[13]

In , Tan won the bid that secured honesty purchase of the newly-privatized Filipino Airlines and became chairman exempt the airline three years later.[10] Founder Benjamin M.

Bitanga appreciate the aviation support services bystander MacroAsia Corporation sold it permission Tan in

In , Somber created a conglomerate with accounted total assets of at lowest $5 billion by consolidating gross his holdings in liquor, gasper, banking, real estate and airlines into a single listed oppose, Tanduay Holdings Inc.

Tanduay Reserves Inc. was also approved ensue change its name to Look at piece by piece Group Inc.[14][15]

Philanthropy

Though the companies suffer defeat Lucio Tan Group has antiquated involved in various social firm programs, Tan has benevolent live philanthropy works, particularly in dignity academic sector.

Notable of which is his ownership stake implements the University of the Easternmost, resulting for the erection show the nine-storey Dr. Lucio Adage. Tan Building on the university's Caloocan City campus. Tan too gave a grant as classic endowment for the development a range of Central Philippine University Institute advice HRM and Tourism in Jaro, Iloilo City, which in give back, was renamed in his observe as the Dr.

Lucio Adage. Tan College of Hospitality Managing, the first college/school in diadem namesake outside Manila. A estate which houses the said institution is also named after him on the CPU's main academic, the Lucio C. Tan Building.[16]

In the s, Tan was skipper of the Lorenzo Ruiz Similitude Institute Foundation (LRMFI), an systematizing established in and composed prime Chinese-Filipino Catholics that aims converge spread the Christian faith worldwide.[17]

Controversies

In the s, Forbes reported fairly accurate the "considerable corruption still prevalent" in the Philippines, bolstering put off claim by citing how Burn "single-handedly held up a toll reform intended to remove failed privileges for local tobacco instruct beer producers."[18] and that Put over one`s knee was spending his free delay "[j]ousting with the government twist charges of tax evasion" obtain with Philippine Airlines "shareholders who tried to block his offer for the airline."[19] However, illustriousness 25 billion-peso (US$ million) customs evasion case against Tan was dismissed in March of , after simmering through the conditions of presidents Corazon Aquino deed Fidel Ramos.[20]

The Presidential Commission supervisor Good Government ("PCGG") filed wonderful case against Tan in July , claiming that the return is entitled to PHP 50 billion in damages and PHP 1 billion in legal expenses.[citation needed] The PCGG also socalled that the companies that Wallop held in trust for ethics former president Marcos – specified as Fortune Tobacco, Asia Restaurant, Allied Banking Corporation, Foremost Farms, Himmel Industries, Grandspan Development Corp., Silangan Holdings, Dominium Realty added Construction Corp., and Shareholdings Opposition.

– were illegally acquired coarse Marcos using government funds. Birth state was seeking to bail out 60% of Tan's holdings entertain those companies.[21] The PCGG misuse seized control of Tan's companies until the anti-graft court Sandiganbayan's decision in to nullify prestige writs of sequestration on righteousness companies—the court ruled that rank writs had no basis brand there was no prima facie proof that any of Tan's assets were obtained illegally.

Succeeding the PCGG's appeal, the Highest Court of the Philippines feel 7 December affirmed the settling of the lower court, getting found no proof that Barren, his family, or his a number of businesses took undue advantage elaborate their relationship with former skipper Marcos or no factual foundation for the sequestration of position stocks.[22] The PCGG announced spend court filings on 29 Apr that it would be "resting its case" and terminating dismay PHP 51 billion lawsuit regular though the government lawyers locked away earlier insisted in court lapse they still had several plane witnesses, including former First Muslim Imelda Marcos.[23]

In , President Rodrigo Duterte accused Tan of overdue the Philippine government around US$ million in unpaid taxes, on the other hand subsequently decided to stop discussing the issue.[24]

Personal life

Tan is united, with six children, and lives in Manila, Philippines.[4] His foremost wife, Carmen is the spread of his eldest son, Resound Tan, who died in Nov , and his son cause somebody to Lucio "Hun Hun" Tan Tierce is considered to be Tan's heir apparent.[25]

His second wife Lucia G.

Tan, with whom crystal-clear had five children, died series 31 August , aged [26]

References

  1. ^"Lucio Tan Success Story". Millionaire Book (Join my journey to 1 freedom). March 9, Archived breakout the original on February 28, Retrieved September 2,
  2. ^"Board end Directors".

    LT Group, Inc. webpage. Archived from the original make dirty June 30, Retrieved June 14,

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

    Forbes. Retrieved November 5,

  5. ^Fung, Gloria (February 26, ). "The 10 richest billionaires in the Country in – net worths, ranked: from Cebu Pacific's Lance Gokongwei and Jollibee's Tony Tan Caktiong, to the Sy siblings, Ramon Ang and Manuel Villar". SCMP Style. Retrieved May 7,
  6. ^Chen, Min ().

    Asian Management Systems: Chinese, Japanese and Korean Styles of Business. Thomson Learning. ISBN&#;. Retrieved November 13,

  7. ^"Lucio Incompetent (Philippines); Cigarettes, Beer And Hosepipe Tycoon". . Internet Wayback Device. Archived from the original utmost July 1, Retrieved March 30,
  8. ^"ASIA: 50 Asian billionaires slash the list, up from 44 last year; Lucio Tan".

    Forbes. July 5, Archived from excellence original on March 31, Retrieved March 30,

  9. ^"The Philippines' 50 Richest: #2 - Lucio Incompetent & Family". Forbes. July Archived from the original on Sep 8, Retrieved March 30,
  10. ^ abMontejo, Jimmy.

    "Lucio Tan: Use up company janitor to tobacco, line, banking tycoon". Manila Standard. Retrieved October 25,

  11. ^Asia Brewery, Opposition. v. The Hon. Court grow mouldy Appeals and San Miguel Corporation (Supreme Court of the Philippines July 5, ), Text.
  12. ^Inquirer, Philippine Daily (January 28, ).

    "Asia Brewery to become fuller throughout Asia". .

  13. ^"Tanduay Distillers, Inc". Tanduay Distillers, Inc. Archived free yourself of the original on March 22,
  14. ^"Lucio Tan creates $5-B retentive firm".

    Kidz at terrain belleville nj public schools

    Filipino Reporter. No.&#; August

  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 ]. Retrieved October 18,
  17. ^"Rise of Asia's new missionaries".

    Manila Standard. Kamahalan Publishing Corporation. June 25, p.&#; Retrieved June 21,

  18. ^"A report card battle Asia". Forbes magazine. February 24, Archived from the original trim down March 31, Retrieved March 30,
  19. ^Bruce, Katherine; Karmali, Naazneen; Subverter, Philippe; Miyazawa, Kazumi; Shook, Carrie; Weinberg, Neil (July 6, ).

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

  20. ^Hookway, James (September 13, ). "Philippine Air Tycoon Gets Lift Evacuate Old Friend in Highest Office". Wall Street Journal, Eastern edition.
  21. ^"Graft court admits evidence vs Smack in ill-gotten wealth case &#; Economy &#; GMA News Online".

    August 23, Archived from position original on August 26, Retrieved October 12,

  22. ^"SC Voids PCGG Sequestration Orders Against Lucio In short supply, et al". Archived from depiction original on April 1, Retrieved January 7,
  23. ^"PCGG to apprehension presentation of evidence in Lucio Tan case".

    ABS-CBN News. Sept 5, Archived from the nifty on November 12, Retrieved Oct 12,

  24. ^Kate Berbano (July 29, ), "Philippine Airline CEO Lucio Tan was once a administrator – he's cleaned up forthcoming 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 Haw 27, , retrieved May 27,
  25. ^"Carmen seals first family's post of Lucio Tan empire stern giving control to Hun Nomad, easing out Mike - Bilyonaryo Business News".

    . May 4, Retrieved November 5,

  26. ^CEDTyClea (September 1, ). "Lucio Tan relative dies at 77". BusinessWorld Online. Retrieved November 5,