This article first appeared in The Edge Financial Daily on November 2, 2017

KUALA LUMPUR: Berjaya Corp Bhd (BCorp) founder and adviser Tan Sri Vincent Tan Chee Yioun is taking back the reins as executive chairman of the diversified group after relinquishing the position in February 2012.

The 65-year-old tycoon will take over from his son Datuk Seri Robin Tan Yeong Ching, 43, who will remain as the group’s chief executive officer (CEO).

Vincent relinquished the reins five years ago, citing his wish to focus on philanthropic work.

In a statement yesterday, BCorp said during this period he had embarked on various charitable and social programmes and initiatives, but at the same time he continued to explore new business opportunities for the group as its founder and adviser.

In a message to BCorp’s board of directors, Vincent said: “As you all know, even during my retirement I have been active in looking for new business opportunities for the group. Datuk Seri Robin has been an excellent chairman and CEO. He has strengthened the corporate organisation and best practices, and the group has enjoyed steady growth and progress during his stewardship.

“However, I feel that after being away for five years, it is time I returned to the board to actively participate in the deliberation and decision-making at the board level to show my commitment and accountability to our stakeholders.”

Robin, in echoing the sentiments of his colleagues on the board, said: “As the major shareholder of BCorp, it is appropriate that Tan Sri (Vincent) takes his rightful place as the company’s executive chairman. Tan Sri started his first business venture way back in 1972 during his early 20s with a car dealership and a construction equipment company while pursuing his full-time occupation as a life insurance sales agent.

“With Tan Sri’s more than four decades of entrepreneurial experience and unwavering dedication and commitment to the group, we have no doubt that he will be able to take the BCorp group of companies to greater heights.”

Vincent began his career as a bank clerk who sold insurance in the evenings. It later landed him a job as an agency supervisor for American International Assurance (AIA) at age 21.

In the 1970s, he started his own business and set up an insurance company via a joint venture with Tokyo Marine & Fire Insurance. His big break came when he secured the McDonald’s franchise for Malaysia in 1980.

He established Berjaya Group in 1984. A year later, he secured a 70% stake in gaming outfit Sports Toto after it was privatised by then prime minister Tun Dr Mahathir Mohamad.

Today, the Berjaya empire has interests from gaming and property investment to motor trading and distribution, media and telecommunications, financial services, hotels and resorts, restaurants and cafes, and consumer marketing.

In 2017, Vincent was ranked No 20 in Forbes Malaysia’s 50 richest list, with an estimated net worth of US$820 million.

The self-made tycoon also has interests in football assets, including English Championship club Cardiff City Football Club and Major League Soccer’s Los Angeles FC.

BCorp shares closed 0.5 sen or 1.49% lower at 33 sen yesterday, with a market capitalisation of RM1.61 billion.