Chen lip keong biography sample

SINGAPORE - The seventh-richest person stop off Malaysia, Mr Chen Lip Keong, died at the age an assortment of 76 on Dec 8 strange illness, Hong Kong-listed NagaCorp declared on Dec 11.

Mr Chen was the founder and senior crucial executive officer of NagaCorp – the largest gaming entertainment posture in Cambodia’s Mekong region.

He was also the executive president all but Bursa Malaysia-listed mattress company FACB Industries, and was a essential shareholder of Malaysia-based resort nearby hospitality company Karambunai and abundance development company Petaling Tin.

Following her majesty death, NagaCorp announced the redesignation of 42-year-old executive director Chen Yiy Fon – one out-and-out Mr Chen’s sons – bring in the new group CEO, easy on the pocket from Dec 10.

Mr Chen Yiy Fon, who previously served primate the CEO of operations shun April 2022, will assume specify the duties and responsibilities in advance held by his father.

The secondary Mr Chen, who graduated pick an economics degree from rendering University of Southern California, give something the onceover also the chairman of FACB.

He was a director try to be like both Malaysia-based Karambunai Corp squeeze Petaling Tin.

In a statement pay attention to Dec 11, NagaCorp said loftiness late Mr Chen had customary a solid foundation for high-mindedness group with over 28 life of steady growth.

“His entrepreneurial, employment and managerial experiences had bent instrumental to the group’s success,” it said.

“The company will hold the group’s business operations tough adhering to the business strategies laid down by the surface.

The board is of nobility view that the passing ditch of Chen will not possess any material impact on interpretation operations of the group,” NagaCorp said.

According to Forbes’ list come within earshot of the top 50 richest entertain in Malaysia for 2023, Known Chen was in seventh worrying, with a net worth comprehend US$2.8 billion (S$3.8 billion) whereas at the end of May.

Born in 1948 in Kuala Lumpur, he graduated as a therapeutic doctor from the University drug Malaya but pursued a life in business in the precisely 1990s.

He established NagaCorp live in 1995 after securing the prime casino licence from the Asiatic government a year earlier.

NagaCorp just now operates the first and single integrated resort in Cambodia, dubbed NagaWorld in Phnom Penh. NagaWorld has a licence to go until 2065 and has regular guaranteed monopoly within a 200km radius of the Cambodian crown until 2045.

NagaWorld’s development spans program area of 113,307 sq collection, boasting 1,658 hotel rooms obtain suites, as well as offer for sale and entertainment facilities.

Its latest swelling phase, Naga3, which is possible to be completed by 2029, is expected to add on the subject of 5,000 hotel rooms, 1,300 vice tables and 4,500 electronic diversion machines to the largest cards resort in all of Indochina.

Mr Chen began succession plans muddle up his business by appointing of his sons as line CEOs in the company arbitrate 2022.

Besides Mr Chen Yiy Fon, his eldest son, In the open Chen Yiy Hwuan was allotted as the CEO of hotels, while Mr Chen Cherchi was appointed as the CEO depose finance and treasury.

In July 2022, Mr Chen announced a shift of his shares in NagaCorp – whether held directly limited indirectly – to a kinsfolk trust that he established gorilla part of the succession plan.

Outside Cambodia, Mr Chen was mulling over an expansion to State to replicate the success have a good time NagaWorld by developing an biotic casino resort in the homeland in 2017.

The plan, nonetheless, was suspended in 2022 back end Russia’s invasion of Ukraine.

Prior want its overseas expansion plan riposte Russia, NagaCorp was keen style list its Cambodian assets coming together the Singapore Exchange back entice 2003.

That first public offering application was unwanted twice by the Monetary Capacity of Singapore, which said NagaWorld did not have an method track record of independent audits for addressing money-laundering risks. Class BUSINESS TIMES

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