The Covid-19 pandemic has turned out to be a great reset for Tan Sri Vincent Tan, the patriarch of Berjaya Group. The group that is anchored on a gamut of economic activities ranging from gaming to fast food, pharmaceutical products, property development, hotels and resorts has taken a beating from the global recession.
Berjaya’s weak fundamentals despite an array of assets were laid bare when shareholders’ value for the group as a whole was shaved by more than 30%. According to data compiled by a private research unit, Tan’s paper wealth dropped to RM1.4 billion from RM2.16 billion in 2019, causing him to slip out of the list of top 40 richest Malaysians.