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Lucio TanFounder of Fortune Tobacco.
Date of Birth: 17.07.1934
Country:  Philippines |
Content:
- Early Life and Education
- Founding Fortune Tobacco
- Business Empire
- Philippine Airlines
- Political Connections
- Wealth and Legal Challenges
Early Life and Education
Lucio Tan was born on July 17, 1934, in Amoy, Fujian Province, China. His family immigrated to the Philippines when he was a young child. Tan pursued a degree in chemical engineering at the Far Eastern University in Manila.
Founding Fortune Tobacco
During his university years, Tan found employment at a tobacco factory. In 1966, he founded Fortune Tobacco, which has since become the leading tobacco manufacturer in the Philippines with significant international sales.
Business Empire
In addition to Fortune Tobacco, Tan is the owner of Asia Brewery, the second-largest brewery in the Philippines, and Tanduay Holdings, the world's largest rum producer and distributor. The Lucio Tan Group also includes companies such as Philippine Airlines, University of the East, Philippine National Bank, Allied Bank, and Eton Properties Philippines. Tan manages over 300 smaller businesses as well.
Philippine Airlines
Eton Properties Philippines is the largest real estate developer in the Philippines, owning prime properties in key locations. Philippine Airlines has experienced financial difficulties but is attempting to recover with government support.
Political Connections
Tan is a prominent and influential figure in the Philippines. He has close ties within the country and international relationships with prominent politicians and business leaders in the United States, Canada, China, and European nations. He was a close associate of former Philippine President Ferdinand Marcos.
Wealth and Legal Challenges
As of 2008, Tan had amassed a fortune estimated at 1.5 billion dollars, making him one of the wealthiest individuals in the Philippines. However, he faced legal challenges from the Philippine Bureau of Internal Revenue, which suspected him of massive tax evasion and filed criminal charges. In December 2007, the Philippine Supreme Court acquitted Fortune Tobacco of tax fraud charges.
