Lim Goh Tong
Lim was born
in the mountainous Anxi County in China's Fujian province. He was named after
the parasol tree, considered auspicious among Chinese, by his maternal
grandfather, who hoped the name would bring him good fortune, Lim said in his
2004 autobiography. Forbes in May put his wealth at $4.3 billion.
His father's
death forced Lim to leave school and start selling vegetable seeds to support
his family at the age of 16. In 1937, he left China for British-controlled
Malaya, as the country was then known, where he became a building contractor.
During the
Japanese occupation of Malaya from 1941 to 1945, Lim survived on vegetable
farming and petty trading, before switching to dealing in hardware and scrap
metal trading, on which he started to build his fortune. Lim, who narrowly
escaped being killed by the Japanese during the occupation, said in his
biography his brushes with death made him drive himself harder.
After the
British returned to Malaya at the end of World War 2, Lim benefited from the
post-war reconstruction. He bought used machinery tendered after public
projects were completed and sold them at higher prices.
Lim, who
didn't speak English and had no knowledge of engineering, also ventured into
mining and construction. His experience ``and a little layman common sense''
helped him succeed, he wrote in his autobiography.
Enjoying the
cool mountain air of a hill station while working on a hydroelectric project in
1963, Lim came up with the idea of building a hilltop resort nearer
to Malaysia's capital of Kuala Lumpur. The plan stunned friends and fellow
contractors, who warned Lim, then 45 and a successful businessman, against it.
He spent
seven years developing Genting, laying a road and building a hotel on a
1,800-meter (5,900-foot) hill outside the city. Failing to lure others to join,
Lim invested all his money in the project without getting any returns in the
seven years it took to build.
Lim had
support from the government of Malaysia, which gained independence from British
rule in 1957. The Malaysian government permitted him to pursue the project and
subsidized the road. It also gave Genting a casino license, renewable every
quarter, and a six-year tax break for the resort business.
During
construction, Lim almost lost his life at least six times from falling trees,
driving mishaps and a landslide, according to his autobiography.
Genting,
which means ((A top the clouds)) in Mandarin, is a complex of hotels, themed
casinos, amusement parks, shops and restaurants. The resort attracts more than
18 million visitors a year.
``Besides being
a tremendous individual achievement, Lim's success in developing Genting
Highlands from virgin jungle into a world-class resort reflects Malaysia's
economic progress in the last four decades,(( former Malaysian Prime
Minister Mahathir Mohamad said in his foreword to the tycoon's
biography. ``Even without the advantages of higher education, he has proven
that nothing is impossible.))
Lim married
Lee Kim Hua in 1944. They had three daughters, three sons and 19 grandchildren,
according to his biography. His second son Lim Kok Thay, is Genting's
chief executive officer.
Kok Thay
succeeded his father as president and CEO in 2002, before becoming chairman in
December 2003. Genting needed to become a (global corporation,) Kok Thay said
when he replaced his father as chairman in 2003.
Oct. 23
(Bloomberg) -- Lim Goh Tong, who built a hilltop casino in Malaysia and
turned it into Asia's biggest publicly traded gaming company, died. He was 90.
The founder
of Kuala Lumpur-based Genting Bhd. and Malaysia's third-richest person,
died peacefully after a short illness.
Lim, who
started out selling vegetable seeds in China, built Malaysia's only licensed
casino, risking his life and facing bankruptcy along the way. He created what
is now Malaysia's eighth-largest listed company, with interests in
gaming, hotels and cruise lines from the U.K. to Hong Kong.