PETALING JAYA: Prime Minister Datuk Seri Najib Razak last night paid tribute to Sunway Group founder Tan Sri Jeffrey Cheah for his contribution and generosity towards promoting the cause of education in the country.

Speaking at the launch of the Jeffrey Cheah Foundation at a gala dinner here last night, Najib said: “Tan Sri Jeffrey Cheah has set a fine example for others to emulate by going beyond the business of education and launching this Foundation.”

“Besides being a pioneer and innovator in the field of higher education, he has also been very active in promoting education as a social cause in Malaysia,” he said.

“I was present at the launch of the Sunway Education Trust back in 1997 and I am very pleased to be here today to officiate at the launch of the Jeffrey Cheah Foundation.”

Held at the Grand Lagoon Ballroom of Sunway Lagoon Resort Hotel, the launch was attended by around 1,200 guests. Also present was the foundation’s royal patron the Sultan of Selangor, Sultan Sharafuddin Idris Shah Alhaj Ibni Almarhum Sultan Salahuddin Abdul Aziz Shah Alhaj.

The Jeffrey Cheah Foundation is a unique, first-of-its-kind structure in Malaysia within the field of private higher education, modelled along the lines of some of the oldest and most eminent universities in the world; such as the Harvard Foundation in the United States.

It carries on the mandate of the Sunway Education Trust which has, since its inception in March 1997, given out more than RM50 million in scholarships to deserving and needy students.

The advent of the Jeffrey Cheah Foundation will see the transfer of equity ownership, which is valued at a whopping RM700 million, of four of Sunway Education Group’s main education institutions to this not-for-profit entity; namely Sunway University College, Monash University Sunway campus, Jeffrey Cheah School of Medicine and Sunway International School.

Today, these  institutions account for around 16,000 students, of which 30% are from an international faculty coming from 80 different countries.

Under the Jeffrey Cheah Foundation, operating surpluses from the Sunway Education Group will be reinvested into the universities and schools, besides continuing to disburse scholarships and research grants to worthy individuals.

Besides Cheah, the other members of the foundation’s board of trustees are Tan Sri Lee Lam Thye, Tan Sri Dr Ramon Navaratnam, Tan Sri Rainer Althoff and Datuk Razman Hashim.

In his speech, Cheah said: “I have always believed that the business of education is more than just a business. Education becomes more meaningful when it acts as an effective means to enrich and improve lives for the better, and it was for this reason that the Sunway Education Trust was first established in 1997.

“Today, I hope to crystallise this personal vision into a timeless commitment by transferring all the shares previously held under the Sunway Education Trust to the foundation. There, they will be held in perpetuity, and can never be sold.”

“The key to a meaningful life and true satisfaction comes from being able to give to society, and leave behind a lasting contribution that makes a real difference,” he said.

“It gives me great pride to be able to share Sunway’s success and achievements with our youth through this foundation, to help them take and earn their place as future leaders in society.”

This article appeared in The Edge Financial Daily, March 19, 2010.