KINGSTON — Governor General, His Excellency, Sir Patrick Allen, and Lady Allen, joined the captains of industry and commerce who came out, in force, to witness the induction of veteran businessman and philanthropist, the Hon Lascelles Chin, into the Private Sector Organisation of Jamaica’s (PSOJ) Hall of Fame for 2011.
The induction took place at a banquet on Thursday (October 27) at the Wyndham Kingston Hotel, New Kingston.
Since 1992, the PSOJ has paid that tribute to a private sector leader, who has made innovative and sustained contributions to the development of the sector over a minimum of 25 years. In addition, the individual must demonstrate indepth knowledge of the industry in which his/her company operates, and demonstrate an unswerving commitment to the advancement of the industry and to national development.
Mr. Chin, Founder and Executive Chairman of the LASCO Affiliated Companies, was described in tribute as “one of Jamaica's most distinguished and respected entrepreneurs, a pioneering exporter, outstanding philanthropist and a much-honoured leader in Jamaica and the Caribbean.”
Earlier this year, Mr. Chin, announced that Lasco-affiliated companies, Lasco Manufacturing (LASM), Lasco Distribution (LASD) and Lasco Financial (LASF), planned to invest up to US$11 million ($935 million) in expansion and integration of the Group. He said the firm hopes to complete the first phase of the expansion by April 2012. Lasco Distributors head Anthony Chang addresses audience members during his presentation at the Mayberry Investor Forum at the Knutsford Court Hotel in Kingston on Thursday. Seated (from left) are Mayberry CEO Gary Peart; Lasco chairman Lascelles Chin; Lasco Manufacturing managing director Dr Eileen Chin; and Lasco Financial managing director Jascinth Hall Tracey. The three Lasco affiliates will undertake an extensive expansion plan beginning this year. (Photo: Karl McLarty)
Last October, the three Lasco companies were listed simultaneously on the Junior Jamaica Stock Exchange (JSE).
The three companies posted a combined net profit of $737 million for the year ended March 31, 2011, more than three times the earnings of the year before. LASM posted the highest net profit, $401.2 million, which was $291 million or 265 per cent higher.
Tracing his roots and successful journey as an entrepreneur, the PSOJ, in a statement, noted that Mr. Chin was born in Bog Walk, St. Catherine and, from an early age, demonstrated the skills and attributes of a successful businessman – hard work, determination, perseverance, clarity of vision and the ability to see obstacles as challenges.
"His entrepreneurial energy and spirit, as well as his ability to seek out business opportunities, resulted in Mr. Chin taking advantage of opportunities in a variety of sectors, including furniture, manufacturing, data processing, car rentals, horticulture, insurance brokerage, hair products, soya oil refining and chicken processing.
"All his business acumen, work experience and expertise were brought to bear on the successful establishment of the LASCO Affiliated Companies in 1988. The Group now manufactures and distributes over 300 products under the LASCO brand name. He currently serves as Chairman for LASCO Distributors Limited, LASCO Manufacturing Limited, LASCO Financial Services Limited and Summit Development Limited."
Mr. Chin has been the recipient of numerous awards including the 2009 Inaugural CVM, Most Admired Business Leader Award, and the 2005 American Foundation Award for “Outstanding Contribution to Business in the Caribbean and as a Caribbean Luminary."
He is the nineteenth private sector leader to be inducted into the PSOJ’s Private Sector Hall of Fame.
By Allan Brooks, JIS Senior Reporter