Lim Goh Tong

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Lim Goh Tong

Image:Lim Goh Tong.jpg Lim Goh Tong
Born:	1918 (88) Anxi county, Fujian province, China
Occupation:	Retired, Founder of Genting Group
Net worth:	$4.2 billion USD (2007)[1]
Spouse:	Lee Kim Hua
Children:	6
Website:	http://www.genting.com.my

This is a Chinese name; the family name is 林 (Lim).

Tan Sri Lim Goh Tong (Chinese: 林梧桐; pinyin: Lín Wútóng) is a prominent wealthy Malaysian Chinese businessman. He is renowned for his vision and courage in transforming Genting Highlands from an unexplored hilltop to one of the world's most successful casino resort. He is one of the richest men in Malaysia with his net worth estimated to be 4.2 billion USD, making him the 204th richest person in the billionaire list compiled by Forbes.^[1]

Contents 1 Early Life 2 Career & Business 2.1 Developing Genting Resort 3 Personal Life 4 Achievement and Awards 5 References 6 See Also 7 External Links

[edit] Early Life

Born in 1918 in Anxi, a mountainous county in southeastern Fujian province, China, Lim Goh Tong is the fifth child in his family. His dad is Lim Shi Quan and his mother Goh Ban. He has an elder brother, three elder sisters, a younger sister and a younger brother. Lim was born into a rustic environment in a village, during that time, China was in a period of turmoil and unrest after the Xinhai Revolution, but life was relatively sheltered for Lim in the village. He grew up peacefully and had the opportunity of studying in school. However, disaster struck and his father passed away when he was 16. Lim was forced to leave school and being the oldest son, he had to take over the heavy burden of feeding his family.^[2]

As China's situation was becoming worse, Lim Goh Tong decided to take the plunge in venturing out to Malaysia (known as Malaya at that time) following his cousin's footstep. He left China through Xiamen in early February 1937 at the age of 19. He worked for his uncle as a carpenter in the first two years, learning the Malay language in the meantime. After gaining experience he went on to become a building sub-contractor and completed his first job of building a two-storey school. He returned to Anxi in 1940, but went back to Malaya the next year amidst deteriorating war environment.^[3]

[edit] Career & Business

The Japanese invaded Malaya in 1942 and caused Lim to have a few near-death occasions. During the early Japanese Occupation, he earned a living as a vegetable farmer, but decided to switch to petty trading for a better living. Later on Lim ventured into scrap-metal and hardware trading. When the Japanese Occupation ended, there was an urgent demand for heavy machinery for resumed operations in mines and rubber plantations, Lim seized the opportunity and engaged in second-hand machinery trading, making his first fortune.^[4]

From used machinery trading, Lim strayed into iron mining fortuitously. Lim joined as a partner in an iron mining company which couldn't settle the outstanding payment of two bulldozers with him, and this proved to be a successful venture as he earned a substantial amount of profit from the mining industry, including forming a joint-venture tin mining company which was one of the first Chinese tin companies to utilize dredges in mining tin.^[5]

While dealing in heavy machinery, Lim accumulated a wide range of reconditioned machines as well as a substantial amount of cash to move into the construction and related industries. In the name of his family construction company, Kien Huat Private Limited, Lim began taking on several contracting jobs with help and guidance from his uncles. Kien Huat won accolades and became recognized as one of the leading construction companies after successfully completing many major projects. Among the biggest projects completed was the Ayer Itam Dam, the first time a local contractor had been given the construction job of such magnitude.^[6]

Lim went on the brink of bankruptcy when construction work was facing problems in the Kemubu Irrigation Scheme, but managed to overcome the obstacles and completed the project.^[7]

[edit] Developing Genting Resort

The idea of building a hilltop resort was first conceived when Lim Goh Tong was having a dinner in Cameron Highlands. As he was enjoying the soothing cool breeze of Cameron Highlands, an idea struck him that as the standard of living rose steadily in Malaysia, more and more people would visit mountain resorts for relaxation and recreation, but Cameron Highlands was too far away from the capital city Kuala Lumpur, therefore building a mountain resort nearer to Kuala Lumpur would have great business potential.^[8]

After doing some research, Lim found Gunung (mountain in Malay) Ulu Kali at a place called Genting Sempah to be an ideal location for his plan. He formed an expedition and explored the place, collecting a wealth of data on the topography, drainage, soil conditions and other relevant aspects of the region, this proved to be very useful in drawing up the plan for developing the resort.^[9]

Upon conceiving this idea, many naysayers were skeptical of Lim turning a wilderness into a tourist resort. Most thought it was really risky and reckoned Lim who was financially comfortable to be foolish to invest heavily in money and time to develop Genting, but Lim brushed off all these negativities and went ahead firmly with his plan.^[10]

After getting approvals from the federal and state governments, Lim began the project in the face of a colossal task. Among the problems were building the access road towards the hilltop, water and electricity supplies, sewerage system and fire safety. Lim managed to build the access road towards the summit in three years when it was estimated to take fifteen years. Several sources of water in the mountain were identified, water supply was secured by building water-collection stations and water filtration plants with treated water stored in reservoirs. Electricity is supplied through a central electricity generation system with 12 big generators.^[11][12]

During the construction, Lim survived six close brushes with death. Meanwhile, Lim had to administer another major project in Kelantan, the Kemubu Irrigation Scheme at the same time. This stretched his physical endurance to the limits as he had to shuttle between Kuala Lumpur and Kelantan and he worked seven days a week.^[13]

During the Genting project, Lim spent all he had without earning any income. He sold an 810-hectare rubber estate to raise RM2.5 million. In addition, he invested all the money he had made from iron mining, sub-contracting and hardware business. The project was a heavy drain on Lim's finances. When asked to invest in this project, Lim's friends turned him down and counselled him to drop the entire scheme instead.^[14]

Genting was granted the only casino licence after Tunku Abdul Rahman, the prime minister of Malaysia then, visited Genting Highlands and commended Lim's effort to develop a resort contributing to Malaysia's tourism industry without government help.^[15]

Lim managed to obtain a pioneer status for Genting Highlands and tax incentives despite its resort development not qualifying for it. He did so by convincing the government that tax incentives in the early stage of development of Genting Highlands were not only vital for them but also profitable to the government later on.^[16]

The whole Genting project was completed in January 1971, but prior to officially commencing business, Kuala Lumpur and its surrounding areas were hit by the worst rainstorms in a century, the road to Genting was closed by landslides at 180 locations, the damaged sections took four months to repair. Genting opened its door for business on 8 May 1971.^[17]

In the next 30 years, Lim continued to develop and expand Genting Highlands beyond its original idea of a hotel with basic tourist facilities. Among the projects were the construction of more hotels, indoor and outdoor theme parks, and a convention centre. A new road was built to shorten the journey to Genting from the northen states, and RM120 million was invested to widen a 10km stretch of the access road to reduce congestion. Another RM128 million was spent on constructing a cable car system to provide visitors with an alternative mode of transportation.^[18][19]

In 1993, at the suggestion of Tun Mahathir, the prime minister of Malaysia then, a township was developed on an 81-hectare piece of land around the site of the Genting Skyway cable car station. It was named Gohtong Jaya after Lim as a token of remembrance for his efforts in the development of Genting Highlands.^[20][21]

As of now, Genting Highlands is one of the most successful casino resorts in the world and is one of the primary tourist attractions in Malaysia. Lim's company, Genting Group operates Genting Highlands and has diversified into many other industries such as plantations, property, paper, power generation, oil and gas exploration and cruise industries. In the process new company brands were created that have become distinctive names in their respective fields, namely Asiatic, Genting Sanyen and Star Cruises.^[22]

On 31st December 2003, Lim handed his chairmanship of Genting Group over to his son, Tan Sri Lim Kok Thay.^[23]

[edit] Personal Life

Lim Goh Tong is married to Lee Kim Hua, together they have six children and nineteen grandchildren.^[24] The six children are Lim Siew Lay, Siew Lian, Siew Kim, Tee Keong, Kok Thay and Chee Wah.^[25]

Throughout his life Lim has had a few medical crises, among them were a malignant tumour and cardiovascular problems, which he pulled through after several surgeries.^[26]

Lim wrote his autobiography "My Story - Lim Goh Tong" and it was published in 2004. In the book he wrote about his early life, how he started off with nothing to building a world-class casino resort through hard work and perseverance confounding skeptics, and the people he acknowledges.

[edit] Achievement and Awards

Lim had won many awards together with his company Genting Group for his entrepreneurship and his contribution, among them were:

• Malaysian Entrepreneurs Award 1985
• Manager of the Year Award 1986
• Business Achiever of the Year Award 1994
• Number 1 ranking of 10 Malaysian Leading Companies 1996
• The Best Employer Award 1996^[27]

He was conferred the title "Tan Sri" by the government of Malaysia on 6th June 1979 in recognition to the contribution he has made to the country.^[28]

In 1978 Lim set up Yayasan Lim, a family foundation that donates regularly to educational and medical institutions, old folk's homes, various organisations for the physically handicapped and other charitable causes.^[29]

[edit] References

[edit] See Also

• Genting Highlands
• List of billionaires

[edit] External Links

• Official Genting Website