[font=Verdana, Arial, Helvetica, sans-serif]Hong Kong billionaire Li Ka Shing’s company’s CIBC shares are worth more than most of us can even imagine. It’s the kind of cash those in need are desperate for. And now all of the company’s shares - worth $1.2 billion - will be sold, with the funds going to its charitable foundations.
“Following the sale of the common shares, I will be able to increase the allocation of my assets to charitable purposes,” said the wealthy man’s press release. “It is an honour to have the opportunity to establish the Li Ka Shing (Canada) Foundation in recognition of the warm welcome Canada has extended to me and to our group of companies over the years.”
The foundation will be based right here in Toronto and each and every year all of its income will be spent “in pursuit of charitable objectives, which include education, medical care, the relief of poverty and cultural and religious causes.”
Li boasts companies in a variety of areas, including telecommunications and real estate. And the 75 year old, who started off sweeping floors in a Hong Kong factory as a refugee, is one of the world’s wealthiest businessmen.
Here in Canada the Li family has power over Husky Energy Ltd., which is based in Calgary. And his son, Victor Li, was in the news last year after deciding against making a $650 million investment in Air Canada.
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