PIL FOUNDER, WORLD'S OLDEST BILLIONAIRE DIES AT 102
The founder of Singapore's Pacific International Lines (PIL), Chang Yun Chung (YC Chang), passed away at the age of 102 on September 4.
The death of the shipping magnate, also the world’s oldest billionaire, came two years after he stepped down from the PIL board, that is now run by his son, Teo Siong Seng.
YC Chang is a self-made billionaire, who founded Singapore-based PIL in 1967 with a few coastal-geared cargo ships.
Currently, PIL already has more than 100 vessels — including dry bulk ships, containers, and multi-purpose vessels — serving around 500 ports in about 100 countries worldwide.
“With his vision and energy, he turned a small coastal operator with only two ships into the company we are so proud of today. His tremendous wisdom and steady hands were born of struggle in his youth,” SS Teo said in a note to PIL employees.
PIL's chairman emeritus just celebrated his 102nd birthday on August 27.