82-year-old Comeback Kid Lim Tow Yong

This is a real and touching Singapore story that makes one grown man cry. I have been looking high and low on the internet in vain except a short introduction from Adam Khoo’s website. I happen to chance upon my newspaper cuttings collection today and here it is. Enjoy! – Askmelah

[Updated 8 Apr 12: Emporium Holdings' dream boss dies  at 87. Mr Lim Tow Yong, who returned to Singapore from Brunei in Mar 2012, died of heart failure. RIP to this great human beings and a true Singapore son!]

Bankrupt at 72 Years Old, Millionaire Again at 82!

At the age of 72 years old, Lim Tow Yong was declared a BANKRUPT. The company he founded in the 1960s, Emporium Group Holdings which he built up to a sales revenue of $300 million has been crippled by the recession of the mid-80s and severe competition. His company chalked up debts of over $100 million.

Most people at the age of 72 would either be dead or half-dead. Instead of feeling sorry for himself, he picked himself up decided to START ALL OVER AGAIN at the age of 72. He began going back into the retail business by setting up joint ventures with partners in Sabah, Labuan and Brunei.

Ten years later, at the age of 82, he sold his 17 stores and supermarkets for $4.2 million makeing him a millionaire all over again!

[Updated 16 Nov 2011] Read the full article here.

82-year-old come back kid Lim Tow yong 312KB

 

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My favourite quote today

Tommy Koh on Singapore's awakening on Foreign Talents: "First, Singapore discovered that some so-called foreign talent was not really very talented. Second, there was the discovery that, in some cases, when a foreign chief executive officer was hired, he or she discriminated against Singaporeans when hiring staff."