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Indonesian tycoon Liem Sioe Liong dies at 96
04:45 AM Jun 11, 2012SINGAPORE - Indonesian ty
http://www.todayonline.com/Business/EDC120611-0000058/Indonesian-tycoon-Liem-Sioe-Liong-dies-at-96
coon Liem Sioe Liong, who founded the Salim Group and ranked among South-east Asia's richest man, died yesterday afternoon in Singapore at the Raffles Hospital. He was 96.
Born in China, Mr Liem was the second son of a farmer who went on to build a powerful business conglomerate spanning units like Indocement and Indofood, and became a close ally to former Indonesian President Suharto. He began his business by peddling coffee powder before he got his big break as a supplier of cloves. Mr Liem then expanded into textiles, followed by rubber and eventually became among the biggest supplier of cement and flour in the region.
Mr Liem, who was also known by his Indonesian name Sudono Salim, was head of the Salim Group until 1992, when he handed the reins of the company to his son Anthony Salim.
By 1997, the Salim Group had US$20 billion (S$ 25.7 billion) in assets and some 500 companies.
In 1998, during the riots in Indonesia that led to the resignation of Mr Suharto, a mob burned Mr Liem's Medan home and he fled to Singapore.
In 2005, he was named by Forbes magazine as South-east Asia's 23rd richest man with a net worth of US$750 million dollars.
That year, he marked his 90th birthday in Singapore with a lavish two-day bash for 2,000 guests at the Shangri-La Hotel, which was estimated to cost more than S$2 million.
04:45 AM Jun 11, 2012SINGAPORE - Indonesian ty
http://www.todayonline.com/Business/EDC120611-0000058/Indonesian-tycoon-Liem-Sioe-Liong-dies-at-96
coon Liem Sioe Liong, who founded the Salim Group and ranked among South-east Asia's richest man, died yesterday afternoon in Singapore at the Raffles Hospital. He was 96.
Born in China, Mr Liem was the second son of a farmer who went on to build a powerful business conglomerate spanning units like Indocement and Indofood, and became a close ally to former Indonesian President Suharto. He began his business by peddling coffee powder before he got his big break as a supplier of cloves. Mr Liem then expanded into textiles, followed by rubber and eventually became among the biggest supplier of cement and flour in the region.
Mr Liem, who was also known by his Indonesian name Sudono Salim, was head of the Salim Group until 1992, when he handed the reins of the company to his son Anthony Salim.
By 1997, the Salim Group had US$20 billion (S$ 25.7 billion) in assets and some 500 companies.
In 1998, during the riots in Indonesia that led to the resignation of Mr Suharto, a mob burned Mr Liem's Medan home and he fled to Singapore.
In 2005, he was named by Forbes magazine as South-east Asia's 23rd richest man with a net worth of US$750 million dollars.
That year, he marked his 90th birthday in Singapore with a lavish two-day bash for 2,000 guests at the Shangri-La Hotel, which was estimated to cost more than S$2 million.
