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Published: 22:43, July 27, 2021 | Updated: 23:48, July 27, 2021
Billionaire Lee, called the ‘King of Oyster Sauce,’ dies at 91
By Bloomberg
Published:22:43, July 27, 2021 Updated:23:48, July 27, 2021 By Bloomberg

This photo shows Lee Man-tat, chairman of Chinese-style condiments maker Lee Kum Kee Group. (PHOTO / XINHUA)

Billionaire Lee Man-tat, nicknamed the “King of Oyster Sauce” for his role as chairman of Chinese-style condiments maker Lee Kum Kee Group, has died. He was 91.

Lee passed away on Monday, according to a statement on the WeChat account of Infinitus, a health-products company chaired by one of his sons. He had a fortune of US$17.6 billion, according to the Bloomberg Billionaires Index.

Chief Executive Carrie Lam Cheng Yuet-ngor expressed deep sorrow over Lee Man-Tat’s passing

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The company was founded by his grandfather, Lee Kum Sheung, in 1888. It now sells more than 200 sauces and condiments in more than 100 countries, according to its website.

The family also owns properties in London, Hong Kong Special Administrative Region and Chinese mainland, including the iconic Walkie Talkie building in England’s capital, which they bought for 1.3 billion pounds (US$1.8 billion) in 2017.

Chief Executive Carrie Lam Cheng Yuet-ngor expressed deep sorrow over Lee’s passing.

“Mr Lee was a successful businessman and an outstanding industrialist with distinguished achievements. He developed the business inherited from his family into a Chinese sauce empire that has become a household name, with products being sold around the world,” Lam said in a statement.

“He was also devoted to the promotion of Chinese culture and cuisine over the years and was committed to charitable services. He had established a charity foundation to support local charity and community services,” she added.

She noted that Lee, who was awarded the Silver Bauhinia Star in 2018, cared about the country's development and participated in the relevant work in the mainland and helped the disadvantaged.

“I am saddened by the passing of Mr Lee. On behalf of the Hong Kong Special Administrative Region Government, I would like to extend my deepest condolences to his family,” Lam said.

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Lee first took the helm almost five decades ago. After settling disputes with his uncles, he gave his brother equity and invited him to help lead the company. But their corporate visions diverged in the 1980s and Lee ultimately regained full ownership, according to a case study by the Center for Family Enterprises at Northwestern University’s Kellogg School of Management in 2016.

Lee’s children joined the business after earning degrees in the US, including in food science, chemical engineering, marketing and finance. The group’s main sauce business is now chaired by Lee’s son Charlie.


With inputs from Bloomberg

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