Lucio was married to Carmen Tan, but there are claims that Lucio has other wives and mistresses. It is Carmen who is often sought after with Lucio, who deals with business and non-commercial affairs. That said, it is really very difficult to distinguish the actual number of his children. Lucio Tan`s journey was anything but easy, he was born on July 17, 1934 in China in the province of Fujian. Lucio`s family emigrated to the Philippines when he was very young. Lucio is the eldest of her parents` eight children and belonged to a very poor family of Chinese immigrants. His father manages to try his luck here in the Philippines in the hope of better luck. He studied chemical engineering at Far Eastern University, but could not concentrate on his small business buying and selling scrap metal. Soon after, the scrap trade did not work, then he moved to a tobacco factory and worked as a janitor in the factory, due to the hard work of young Lucio, he was promoted to tobacco cook and finally employed as a tobacco leaf merchant in the Ilocos area. The PCGG quickly filed a petition with the Supreme Court.
On 7 December 2007, the Supreme Court upheld the decision of the Anti-Corruption Court. The Supreme Court found no evidence that Tan, his family, or his various companies unduly exploited their relationship with former President Marcos. Since the Supreme Court found no factual basis for the seizure of the assets, it rejected the PCGG`s request, according to a statement from the court. [14] Lucio Tan (simplified Chinese: 陈永栽; traditional Chinese: 陳永栽; Pinyin: Chén Yǒngzāi), born July 17, 1934, is a Filipino-Chinese businessman and philanthropist. He is listed by Forbes as the second richest Filipino with a net worth of $2.1 billion. He is nicknamed “El Kapitan”. Lucio Chua Tan Sr. (陈永栽; pinyin: Chén Yǒngzāi; Pe̍h-ōe-jī: Tân Éng-chai; (born July 17, 1934) is a Filipino business magnate, investor and philanthropist. He heads the Philippine conglomerate LT Group, Inc., a company with extensive business interests in sports, banking, airlines, spirits, tobacco, real estate, beverage and education. As of September 2021, his net worth is estimated at $1.9 billion.
Lucio admired his father Tan Yan Kee with the utmost respect and the source of his business wisdom.[4] His father valued education, perseverance and hard work. His father once said, “Great success is achieved only through discipline, hard work and dedication. When his father dies, Lucio takes his urn and flies with his brother Harry in a helicopter. His father always wanted to fly in a helicopter, but never had the opportunity to do so because his health was slowly deteriorating. “Now I give him his helicopter flight,” Lucio says. Tan then tried his hand at the business. He opened an electronics store and a cornstarch factory, but both ventures failed. Undeterred, he founded Himmel Industries Inc. and this was Tan`s first success. According to the January-March 1999 issue of the Philippine Center for Investigative Journalism, Solita “Mareng Winnie” Monsod, professor of economics at the University of the Philippines and former secretary of economic planning, was quoted as saying: “Lucio Tan is a model for the worst kind of behavior with regard to our national goals. This indicates that you can evade taxes and get away with it, pay the courts and get the judges to rule in your favor, get good lawyers, and delay your cases.
The messages conveyed by the kind of treatment it receives from government are the opposite of what we need for sustainable development: a level playing field and the right kind of government intervention. [3] Lucio Tan`s closeness to then-President Ferdinand Marcos caused so much controversy. Critics say Lucio was able to get what he wanted because of the power he shared with President Marcos. Then the bankrupt General Bank and Trust Co. (Genbank) was acquired by Tan for only Php.500,000.00. Many say it was such a sweet affair for Lucio. The amount he paid to acquire the genebank is relatively small compared to the usual merger costs of a company. The bank was later renamed Allied Bank.
In 2009, Isagani Cruz wrote a biography of Lucio Tan titled Lucio C. Tan: A Gem of a Man. article well poured . And I was inspired by the persistence that the Presidential Commission on Good Government (PCGG) initially filed a lawsuit against Tan in July 1987 and has since amended it twice, most recently on September 5, 1991. According to PCGG, the state is entitled to PHP 50 billion in damages and PHP 1 billion in legal fees. [4] In addition, the state sought to recover 60% of Tan`s stakes in companies Tan held in trust for former President Marcos – such as Fortune Tobacco, Asia Brewery, Allied Banking Corporation, Foremost Farms, Himmel Industries, Grandspan Development Corp., Silangan Holdings, Dominium Realty and Construction Corp., and Shareholdings Inc.