Paramount Corp chairman Teo Chiang Quan passes away at age 72

PETALING JAYA: Paramount Corp Bhd chairman and executive director Datuk Teo Chiang Quan has passed away due to complications from an unexpected illness. He was 72.

Over and above being an astute businessman and property developer, Teo can be described as a nation-builder, Paramount Corp said in a statement Monday (May 24).

Paramount Corp group chief executive officer Jeffrey Chew said Teo was a warm person who could strike up a conversation with anyone at any level.

“He had a great sense of responsibility and was generous with his employees.

“A man of strong principles, the Paramount family will always remember him for his work ethics and integrity as well as his relentless insistence on quality in everything we do, ” he said.

Chew added that Teo’s life was also the inspiration for Paramount’s vision of “Changing lives and enriching communities for a better world.”

“He has been the cornerstone of our company, setting the vision and mission and epitomising our core values of TRIBE (Trust, Respect, Integrity, Bravery and Energy), which we hold dear to this day.”

Teo began his career in what was known as the Malaysian Rice Mills (MRI) in 1976, which in 1980, was renamed to Paramount Corp Bhd. Through his leadership and determination to succeed, Teo helped shape Paramount into the company it is today.

He became chairman of the board of Paramount on June 8,2015 and provided leadership and guidance to its management in the formulation of the group’s long-term strategic plans, particularly in the areas of land banking and communication with stakeholders.

As one of the pioneers in private tertiary education in Malaysia, he made tertiary education affordable for Malaysians. Under his leadership, he set up Sri KDU schools and later through the acquisition of REAL Education Group, built the largest K-12 education group in Malaysia.

On July 19,2005, Teo was awarded a Datukship for his contribution to the progress and well-being of the Malaysian society.

In 2019, he was awarded the accolade of FIABCI Property Man of the Year.