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.