News: Property Tycoon Vincent Tan To Donate Half Of Wealth To Charity

Mar 29, 2021

Berjaya Corporation Bhd Founder and Executive Chairman Tan Sri Vincent Tan want to give half of his wealth to charity after his death.

The billionaire explained that this is his way of helping the underprivileged own affordable homes since housing is one of the basic needs of human beings.

“I think it is not wise to leave all your wealth to your family only when after all, our accumulated material wealth is made possible with the support from Malaysians and government’s concessions and licences and other help by many people we encountered in our lifetime of wealth accumulation,” he said during an interview with The Star.

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He revealed that he is also passionate of building affordable homes for Malaysians.

“Berjaya has successfully designed and built a five-bedroom four-bathroom/toilet unit of 900 sq ft and a four-bedroom three-bathroom/toilet unit of 750 sq ft. The private sector should be prepared to sell affordable houses with a price range of RM250,000 and RM300,000 for a 900 sq ft apartment in different cities and towns in Malaysia,” said Tan.

During the interview, the business tycoon explained that his wealth was not due to something he invented. Instead, he was lucky to have received various opportunities like securing the franchise for Starbucks, McDonald’s as well as acquiring 7-Eleven for a good price.

“It is only right that I give half of my wealth back to the people and country. It is the right thing to do,” he added.

A signatory of the Giving Pledge that was started by American billionaires Warren Buffet, Bill Gates and his wife Melinda, Tan surprised corporate Malaysia with Abdul Jalil Rasheed’s appointment as Berjaya Corp’s new chief executive officer.

Jalil, 38, previously served as CEO of Permodalan Nasional Bhd (PNB). He is the first non-family member CEO of Berjaya.

“I am 69 years old now and by next year I will be 70. I think that’s enough. I have been working since I was 17 years old when I first joined a bank as a clerk and I have been working non-stop for 52 years now,” said Tan.

He also does not want his children to be involved in the listed companies of the group.

“My children can start their own business as they already have. We need to have a clear demarcation of listed and private entities,” said Tan.

 

Image source from The Sun Daily

 

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