Asia's richest man anoints son to head business empire

May 25, 2012 |

Hong Kong

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Hong Kong billionaire Li Ka-shing on Friday confirmed that his eldest son will eventually control his business empire, but the 83-year-old tycoon dismissed suggestions that he is about to retire.

Eldest son Victor Li has long been expected to take over Cheung Kong Group and Hutchison Whampoa after his father steps aside, so Li's comments to reporters after a shareholders' meeting came as no surprise.

"If I wanted to go on holiday for two months tomorrow, which I've never done in my life, I believe that Victor and other colleagues would be able to manage the company well," Li said.

Victor has served as the managing director at Cheung Kong -- a vast multinational conglomerate with interests ranging from property to telecommunications -- for the past decade.

Li senior said that while Victor would eventually take the helm at Cheung Kong, he would 'use all his power' to help his younger son, Richard Li, who is chairman of Hong Kong telecoms company PCCW.

Li is the richest man in Hong Kong and was named the richest man in Asia by Forbes magazine in March, with a fortune estimated at $22 billion.

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