Malaysia has lost one of its greatest businessmen after YTL Corporation Founder and Executive Chairman Tan Sri Yeoh Tiong Lay died on Wednesday (17 October).
The business mogul, who was Malaysia’s seventh richest man with a net worth of US$2 billion (RM8.4 billion) in Forbes rankings, passed away at the age of 87.
He also received a Lifetime Achievement Award at the Asia Pacific Entrepreneurship Awards eight years ago for his outstanding contributions to the country and excellent entrepreneurial accomplishments.
Tiong Lay had been YTL Corp’s Group Chairman since January 1985. The company and its Malaysia-listed subsidiaries — YTL Hospitality REIT, YTL Power International and YTL Land & Development — were collectively valued at around RM27.6 billion as of 30 September 2017.
Founded in 1955, the group’s primary business consists of hotels, utilities, construction, cement production, property development and investment and e-commerce as well as internet-based education solutions and services.
In addition, YTL Corp holds a stake in Singapore-listed Starhill Global REIT, which possesses retail properties across Malaysia, Singapore, China, Japan and Australia.
Tiong Lay is survived by his son Tan Sri Francis Yeoh Sock Ping, who is a managing director in the group.
Image sourced from MalayMailOnline
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