http://newshub.nus.edu.sg/pressrel/0708/070801.htm
21 Million Gift From Riadys Boosts NUS Business School's Bid To Be Asia's Best The National University of Singapore (NUS) Business School has received a gift of $21 million from Indonesian business conglomerate Lippo Group. This is the single largest gift from a private donor to NUS Business School and also marks Lippo Group's first gift to NUS. The sum includes a $15-million gift for the development of the NUS Business School's new flagship building, as well as a $6-million endowed gift to fund two distinguished professorships at the School. The gift from Lippo Group will attract a dollar-for-dollar endowed matching grant from the Singapore Government, which translates to a total of $42 million in funding support for the NUS Business School. The substantial sum – which means that the NUS Business School's Endowment Fund will grow by $27 million – will have a significant impact on the School, enabling it to move a step closer towards realising its aspiration of becoming Asia's top business school. In recognition of the Lippo Group's generous gift and to honour its founder and chairman, NUS will name the new signature building the Mochtar Riady Building. The two distinguished professorships will be named the Stephen Riady Distinguished Professorship and James Riady Distinguished Professorship, in honour of Dr Stephen Riady, President of Lippo Group of Companies and Mr James Riady, Chief Executive Officer of Lippo Group of Companies. Designed as an iconic landmark that will be the new gateway to the entire Business School Complex when completed in 2009, the signature structure on Kent Ridge Campus will help to support the educational mission of the Business School "to educate business leaders and advance knowledge to promote the progress of global business and society". Standing eight stories high, the 150,000-square-foot building incorporates spaces that encourage teamwork, collaboration, informal social interaction and networking. It will be a building complex that will carry the School forward, in tandem with its growing leadership role, in the global business education, while at the same time, helping to nurture a cohesive community of faculty, students, executives and alumni. This is the second gift that the Lippo Group has made in two weeks to support education. Just last week, SJI International announced that it received a $1 million gift for the school's building fund. The Group also gave $1 million to President's Challenge 2007, which raises funds for the social services sector. Dr Stephen Riady said, "Good corporate citizenship is something we believe in and the Lippo Group is pleased to be able to do its part for education in Singapore." "As a business that has its roots in Asia, Lippo Group shares with the NUS Business School a common passion in the nurturing of global business talents throughout Asia. With its commitment to excellence in teaching and research, the School is a most worthy and appropriate recipient of our support," he added. Professor Christopher Earley, Dean of NUS Business School, said: "We're honoured to have received a gift from the Riadys, a family known throughout Asia and the world for their philanthropy and commitment to education. The Riadys' support shows the confidence they have for the NUS Business School. This gift is a milestone in the life of our School and we look forward to all the opportunities that it will create. The new building will enable our School to continue to facilitate an exceptional learning experience that is expected of a top ranked business school. In addition, the two distinguished professorships will help the School to retain and attract leading professors to join our faculty. "The government matching grant will be added to the School's endowment to build a strong financial base for us to continue our tradition of academic innovation; enhance the student experience; develop lifelong learning opportunities for alumni; and create other initiatives to enhance our School's mission of excellence," he added. Expressing the University's appreciation, NUS President Professor Shih Choon Fong said: "We are deeply grateful to the Riady family for their generous philanthropy, which will help transform the NUS Business School not just physically, but also enhance its capacity to nurture future generations of leaders for the global marketplace. Lippo Group's gift will take us a step closer to realizing our aspiration to move NUS up from good to great, distinguished by global excellence in education, research and service." __________________________________________________________ Sick sense of humor? Visit Yahoo! 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