12/12/2023 (Kuala Lumpur, Malaysia) - Billionaire and the seventh-richest individual in Malaysia, Tan Sri Dr. Chen Lip Keong, passed away last Friday at the age of 75.
The news of his passing was announced by NagaCorp Ltd via a statement today. NagaCorp Ltd is a company founded by the late Tan Sri Dr. Chen Lip Keong himself and is listed in Hong Kong.
"The board of directors of NagaCorp Ltd. announces with deep sadness that Tan Sri Dr. Chen Lip Keong, Senior Group Chief Executive Officer and executive director of the company, passed away on December 8, 2023, due to illness."
"On behalf of all group employees, the Board of Directors wishes to express profound condolences on the passing of Dr. Chen Lip Keong and extend our condolences to his family."
"The Board of Directors also wishes to record its highest appreciation and thanks to Dr. Chen for his invaluable leadership, guidance, and contribution to the group during his tenure," the statement said.
In the same statement, the late Tan Sri Dr. Chen Lip Keong was described as a remarkable individual who successfully built a strong group over more than 28 years.
"His experience in entrepreneurship, business, and management over the years has been crucial to the group's success."
"Under the visionary leadership of Dr. Chen, the group has achieved remarkable growth and development after years of careful business driving and skilled and strategic management," it stated.
The Board of Directors also announced the reappointment of Chen Yiy Fon as the company's executive director, effective December 10, 2023.
"Yiy Fon is the late Tan Sri's child and has served as the Chief Executive Officer - Operations of the company since April 5, 2022."
"The company will continue the group's business operations in accordance with the business strategy set by the Board of Directors."
"The Board of Directors believes that Dr. Chen's passing will not have any material impact on the group's operations," it added.
According to the latest position of the US business magazine Forbes as of May 2023, Lip Keong was the seventh-richest individual in Malaysia, with a net worth of RM13.11 billion.