YTL Corp founder dies

Yeoh Tiong Lay, the founder of and execuitive chairman of group YTL Corp, passed away on Wednesday, the group said in a news release. He was 88 years old.

Mr Yeoh founded what was originally a construction company in 1955 and undertook civil works while the country was under British colonial rule before participating in development projects after independence in 1957.

He assumed the role of executive chairman in 1985, allowing Francis and his six other children to run the group's day-to-day businesses, which have expanded into power generation, water and sewage services, property development, cement manufacturing and mobile telecommunications.