06 June 2010
Vincent Tan to donate RM525m sports betting stake buyout
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).
“Following the re-issue of the sports betting licence to Ascot Sports, unsubstantiated and wild allegations have been made by some quarters about how I have been unjustly enriched by this.”
He said it was also insinuated that in the process, some government officials and political parties have also benefited.
“In order to put to rest all these allegations I have decided to donate the entire proceeds that I expect to receive from the sale of my 70 per cent stake in Ascot Sports.”
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.
How bout these... it will help if u dont apply the licence... less malaysians gamble, less malaysians in trouble.
We dont need the charity at all....
Thanks but no thanks...
who has ever benefited from this "Better Malaysia Foundation"???
Better Malaysia Foundation belongs to him so it's basically from right hand to left hand. The money is still in his pocket! If he is really sincere, why not donate to WWE, Makna, etc.
It is not a matter of donating the entire of proceeds of sales to charity, afterall, Berjaya is still the owner of Sports Toto of which Vincent is boss. It is a matter of mutual respect for each other. As a matter of fact, Vincent should understand that Malaysia is an Islamic state and gambling is haram in Islam. So, please respect each other ok Vincent? Just return the money derived from the sales of 70% stake of Ascot Sports to Sports Toto and kindly return the license accordingly. It is clear, very clear that Malaysians of all races, not only the Muslims are very much against sports betting, particularly, football betting. Just do not introduce sports betting to Malaysians and Muslims!
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