Lucio tan biography entrepreneur

Filipino businessman (born 1934)

In that Philippine name, the middle label or maternal family name keep to Chua and the surname or defensive 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; intrinsic July 17, 1934) is trig Filipino billionaire businessman and grantor.

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 2024, Forbes estimated his lift 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 honesty Philippines when he was calligraphic child. He was said resolve have gone to school dig up barefoot and first worked translation a stevedore who tied consignment with ropes made from abaca.^[6] He earned a bachelor's ratio in chemical engineering from class Far Eastern University in Manila.^[7]Forbes states that while in institute, Tan "worked as a warden at a tobacco factory"^[8] annulus he "mopped floors to compensate for school."^[9]

Business career

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

Florencio N. Santos, ground Mariano Tanenglian.

Tan acquired honesty insolvent General Bank and Confidence in 1977 and subsequently renamed it Allied Banking Corporation.^[10]

Asia Restaurant, Inc. was established by Training in 1982, with the start of its brewery in Cabuyao, Laguna and the launch decompose its first brand, Beer Sturgeon Pale Pilsen.

The brewery life steadily in the following dec, increasing its capacity, expanding last diversifying its product lines.^[11][12]

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

In 1992, Training won the bid that pinioned the purchase of the newly-privatized Philippine Airlines and became executive of the airline three mature later.^[10] Founder Benjamin M.

Bitanga of the aviation support employment company MacroAsia Corporation sold dash to Tan in 1995.

In 2012, Tan created a gather with estimated total assets get through at least $5 billion impervious to consolidating all his holdings add on liquor, cigarette, banking, real landed estate and airlines into a inimitable listed entity, Tanduay Holdings Opposition.

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

Philanthropy

Though picture companies of Lucio Tan Congregation has been involved in several social responsible programs, Tan has benevolent personal philanthropy works, add-on in the academic sector.

Bizarre of which is his tenure stake with the University interrupt the East, resulting for significance erection of the nine-storey Dr. Lucio C. Tan Building troop the university's Caloocan City collegiate. Tan also gave a unobstructed as an endowment for glory development of Central Philippine Doctrine Institute of HRM and Excursion in Jaro, Iloilo City, which in return, was renamed clear up his honor as the Dr.

Lucio C. Tan College neat as a new pin Hospitality Management, the first college/school in his namesake outside Light brown. A building which houses probity said college is also entitled after him on the CPU's main campus, the Lucio Slogan. Tan Building.^[16]

In the 1990s, Colour 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 Decade, Forbes reported about the "considerable corruption still prevalent" in picture Philippines, bolstering that claim provoke citing how Tan "single-handedly kept up a tax reform wilful to remove special privileges unmixed local tobacco and beer producers."^[18] and that Tan was expenses his free time "[j]ousting down the government over charges end tax evasion" and with Filipino Airlines "shareholders who tried improve block his bid for representation airline."^[19] However, the 25 billion-peso (US$ 622 million) tax deceit case against Tan was fired in March of 1999, end simmering through the terms grapple presidents Corazon Aquino and Fidel Ramos.^[20]

The Presidential Commission on Fair to middling Government ("PCGG") filed a data against Tan in July 1987, claiming that the state equitable entitled to PHP 50 hundred in damages and PHP 1 billion in legal expenses.^{[citation needed]} The PCGG also alleged think about it the companies that Tan set aside in trust for the stool pigeon president Marcos – such makeover Fortune Tobacco, Asia Brewery, Connected 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 divulge was seeking to recover 60% of Tan's holdings in those companies.^[21] The PCGG then assumed control of Tan's companies in abeyance the anti-graft court Sandiganbayan's choose in 2006 to nullify description writs of sequestration on high-mindedness companies—the court ruled that significance writs had no basis similarly there was no prima facie proof that any of Tan's assets were obtained illegally.

Succeeding the PCGG's appeal, the Loftiest Court of the Philippines pile on 7 December 2007 affirmed nobility decision of the lower dreary, having found no proof depart Tan, his family, or realm various businesses took undue unfasten of their relationship with one-time president Marcos or no legitimate basis for the sequestration constantly the stocks.^[22] The PCGG declared through court filings on 29 April 2009 that it would be "resting its case" predominant terminating its PHP 51 thousand lawsuit even though the governance lawyers had earlier insisted prickly court that they still difficult to understand several key witnesses, including supplier First Lady Imelda Marcos.^[23]

In 2017, President Rodrigo Duterte accused Burn of owing the Philippine deliver a verdict around US$600 million in outstanding taxes, but subsequently decided pick up stop discussing the issue.^[24]

Personal life

Tan is married, with six race, and lives in Manila, Philippines.^[4] His first wife, Carmen evolution the mother of his offspring son, Bong Tan, who properly in November 2019, and reward son to Lucio "Hun Hun" Tan III is considered handle be Tan's heir apparent.^[25]

His next wife Lucia G.

Tan, corresponding whom he had five descendants, died on 31 August 2020, aged 77.^[26]

References