Vincent Tan to donate RM525m sports betting stake buyout
By Neville Spykerman
KUALA LUMPUR, June 5 — In a bid to quell a growing uproar over his sports betting licence, tycoon Tan Sri Vincent Tan today said he will donate the entire RM525 million from the sale of the stake to charity.
The money is proceeds from the 70 per cent stake in Ascot Sports Sdn Bhd that is being sold to his listed Berjaya Corp Berhad.
“I will get zero from this deal,” he told reporters, saying the money will go to his Better Malaysia Foundation which was set up two years ago.
Tan (picture) said after the deal with Berjaya Corp, his son Datuk Robin Tan Yeong Ching will retain the remaining 30 per cent stake in Ascot Sports.
The Berjaya Corp chairman and chief executive officer said this to dispel unsubstantiated claims that the money from the deal would go to the ruling coalition Barisan Nasional (BN).
Tan also lashed out at fugitive blogger Raja Petra Kamarudin for raising the allegations.
“The allegations are pure nonsense,” he said.
Pakatan Rakyat (PR) parties today launched an anti-gambling movement, saying the sports betting licence is a payback for Tan’s contribution to BN’s war chest for by-election campaigns.
DAP and PR have also gone on a crusade against them, accusing the ruling coalition of enriching the tycoon but impoverishing the people.
But Tan said his foundation would focus on education and scholarships when the deal is completed.
“With divine blessing I hope to donate more to the foundation,” he said.
Tan disclosed he was inspired by the charitable acts of other tycoons like Warren Buffet and Bill Gates.
He said his dream is to eventually donate RM1 billion to the foundation, adding that the foundation would be run transparently.
The tycoon, who has diversified interests from hotels to wireless broadband, also lashed out at PR for protesting against sports betting.
He said there been lots of “interest” in sports betting.
“Loud voices of what I believe is the minority,” said Tan, adding he is totally convinced it’s all about politics.
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KUALA LUMPUR, June 5 — In a bid to quell a growing uproar over his sports betting licence, tycoon Tan Sri Vincent Tan today said he will donate the entire RM525 million from the sale of the stake to charity.
The money is proceeds from the 70 per cent stake in Ascot Sports Sdn Bhd that is being sold to his listed Berjaya Corp Berhad.
“I will get zero from this deal,” he told reporters, saying the money will go to his Better Malaysia Foundation which was set up two years ago.
Tan (picture) said after the deal with Berjaya Corp, his son Datuk Robin Tan Yeong Ching will retain the remaining 30 per cent stake in Ascot Sports.
The Berjaya Corp chairman and chief executive officer said this to dispel unsubstantiated claims that the money from the deal would go to the ruling coalition Barisan Nasional (BN).
Tan also lashed out at fugitive blogger Raja Petra Kamarudin for raising the allegations.
“The allegations are pure nonsense,” he said.
Pakatan Rakyat (PR) parties today launched an anti-gambling movement, saying the sports betting licence is a payback for Tan’s contribution to BN’s war chest for by-election campaigns.
DAP and PR have also gone on a crusade against them, accusing the ruling coalition of enriching the tycoon but impoverishing the people.
But Tan said his foundation would focus on education and scholarships when the deal is completed.
“With divine blessing I hope to donate more to the foundation,” he said.
Tan disclosed he was inspired by the charitable acts of other tycoons like Warren Buffet and Bill Gates.
He said his dream is to eventually donate RM1 billion to the foundation, adding that the foundation would be run transparently.
The tycoon, who has diversified interests from hotels to wireless broadband, also lashed out at PR for protesting against sports betting.
He said there been lots of “interest” in sports betting.
“Loud voices of what I believe is the minority,” said Tan, adding he is totally convinced it’s all about politics.
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