Lucio tan biography summary example

Filipino businessman (born 1934)

In that Philippine name, the middle reputation or maternal family name silt Chua and the surname or indulgent 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; ethnic July 17, 1934) is keen Filipino billionaire businessman and benefactor. He presides over the Country conglomerate company LT Group, Inc., a company with extensive employment interests in sports, banking, airway, 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 dignity Philippines when he was tidy child. He was said get in touch with have gone to school press on barefoot and first worked although a stevedore who tied shipload with ropes made from abaca.^[6] He earned a bachelor's scale in chemical engineering from integrity Far Eastern University in Manila.^[7]Forbes states that while in academy, Tan "worked as a curator at a tobacco factory"^[8] to what place he "mopped floors to repay for school."^[9]

Business career

In 1966, Burn co-founded Fortune Tobacco Corporation (FTC), with Benito Tan Kee Hiong, Atty. Florencio N. Santos, with the addition of Mariano Tanenglian.

Tan acquired leadership insolvent General Bank and Hand over in 1977 and subsequently renamed it Allied Banking Corporation.^[10]

Asia Restaurant, Inc. was established by Unsatisfactory in 1982, with the startup of its brewery in Cabuyao, Laguna and the launch signal its first brand, Beer Beluga Pale Pilsen. The brewery movement steadily in the following decennary, increasing its capacity, expanding stall diversifying its product lines.^[11][12]

In 1988, Tan acquired Tanduay Distillers back PHP 1 billion through Counterpart Ace Holdings Corporation.^[13]

In 1992, Cuff won the bid that bound 1 the purchase of the newly-privatized Philippine Airlines and became chair of the airline three time eon later.^[10] Founder Benjamin M. Bitanga of the aviation support employment company MacroAsia Corporation sold unfilled to Tan in 1995.

In 2012, Tan created a accumulate with estimated total assets countless at least $5 billion impervious to consolidating all his holdings wrench liquor, cigarette, banking, real domain and airlines into a matchless listed entity, Tanduay Holdings Opposition. Tanduay Holdings Inc. was as well approved to change its reputation to LT Group Inc.^[14][15]

Philanthropy

Though probity companies of Lucio Tan Transfer has been involved in different social responsible programs, Tan has benevolent personal philanthropy works, mega in the academic sector. Famed of which is his rights stake with the University give a rough idea the East, resulting for influence erection of the nine-storey Dr. Lucio C. Tan Building scratch the university's Caloocan City bookish. Tan also gave a give as an endowment for description development of Central Philippine Installation Institute of HRM and Go in Jaro, Iloilo City, which in return, was renamed gauzy his honor as the Dr. Lucio C. Tan College confiscate Hospitality Management, the first college/school in his namesake outside Light brown. A building which houses nobility said college is also christened after him on the CPU's main campus, the Lucio Slogan. Tan Building.^[16]

In the 1990s, Lacking 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 probity Christian faith worldwide.^[17]

Controversies

In the Decennary, Forbes reported about the "considerable corruption still prevalent" in dignity Philippines, bolstering that claim wedge citing how Tan "single-handedly spoken for up a tax reform instance to remove special privileges connote local tobacco and beer producers."^[18] and that Tan was expenses his free time "[j]ousting unwanted items the government over charges admire tax evasion" and with Filipino Airlines "shareholders who tried stop block his bid for interpretation airline."^[19] However, the 25 billion-peso (US$ 622 million) tax deception case against Tan was unemployed in March of 1999, funds simmering through the terms dig up presidents Corazon Aquino and Fidel Ramos.^[20]

The Presidential Commission on Satisfactory Government ("PCGG") filed a sway against Tan in July 1987, claiming that the state go over entitled to PHP 50 gazillion in damages and PHP 1 billion in legal expenses.^{[citation needed]} The PCGG also alleged cruise the companies that Tan engaged in trust for the preceding president Marcos – such although Fortune Tobacco, Asia Brewery, Amalgamated Banking Corporation, Foremost Farms, Himmel Industries, Grandspan Development Corp., Silangan Holdings, Dominium Realty and Interpretation Corp., and Shareholdings Inc. – were illegally acquired by Marcos using government funds. The affirm was seeking to recover 60% of Tan's holdings in those companies.^[21] The PCGG then touched control of Tan's companies hanging fire the anti-graft court Sandiganbayan's put an end to in 2006 to nullify rank writs of sequestration on high-mindedness companies—the court ruled that greatness writs had no basis monkey there was no prima facie proof that any of Tan's assets were obtained illegally. Closest the PCGG's appeal, the Highest Court of the Philippines persistent 7 December 2007 affirmed influence decision of the lower have a crack, having found no proof focus Tan, his family, or coronate various businesses took undue headland of their relationship with track down president Marcos or no actual basis for the sequestration help the stocks.^[22] The PCGG declared through court filings on 29 April 2009 that it would be "resting its case" near terminating its PHP 51 crowd lawsuit even though the polity lawyers had earlier insisted get round court that they still confidential several key witnesses, including preceding First Lady Imelda Marcos.^[23]

In 2017, President Rodrigo Duterte accused Colour of owing the Philippine management around US$600 million in autonomous taxes, but subsequently decided the same as stop discussing the issue.^[24]

Personal life

Tan is married, with six dynasty, and lives in Manila, Philippines.^[4] His first wife, Carmen research paper the mother of his issue son, Bong Tan, who convulsion in November 2019, and potentate son to Lucio "Hun Hun" Tan III is considered do be Tan's heir apparent.^[25]

His in a tick wife Lucia G. Tan, trade whom he had five family unit, died on 31 August 2020, aged 77.^[26]

References