Tycoon Lim Goh Tong hands Genting empire to son

Tycoon Lim Goh Tong hands Genting empire to son

Agence France-Presse, Kuala Lumpur

Tycoon Lim Goh Tong, executive chairman of Malaysia's sole
gaming company Genting Bhd, has handed over his empire to son Lim
Kok Thay who will assume control immediately, the company said on
Thursday.

Lim Kok Thay will also take over his father's position as
executive chairman of Genting's unit Resorts World Bhd. Lim
senior, the founder of the Genting Group, will become the
company's honorary life chairman.

Lim, 86 in February, was born in Fujian province in China in
1918 and came to Malaysia in 1941 and represents a classic tale
of rags to riches.

Despite being the world's 209th richest man through his
diversified businesses in hotels, cruise ships, plantations and
power generation, Lim has avoided the limelight.

"I am happy to leave my life's work to be continued by Kok
Thay, a competent and astute entrepreneur with a style of his
own," Lim was quoted as saying by the New Straits Times
newspaper.

"I have no doubt he will prove himself my worthy successor."
Kok Thay, who has been with Genting for 27 years, would keep the
Genting flag flying, he added.

The senior Lim built Genting from scratch into a 12 billion
ringgit (US$3.15 billion) group whose assets include the world's
fourth largest cruise line as well as Asia's largest hotel.