SINGAPORE: The Lee Kuan Yew (LKY) School of Public Policy has received a S$14 million donation, after a S$7 million gift from Singapore tycoon Oei Hong Leong was matched dollar-for-dollar by the government.

On the day global financial markets saw red, the Singapore businessman saw an opportunity.

Oei's daring gamble on beleaguered insurer American International Group's shares in mid-September paid off, netting him a handsome gain of S$7 million. The 60-year-old decided to donate the money to the LKY School of Public Policy.

Oei said, "It is better to give than to receive. This kind of windfall money... Immediately, I thought I should donate to charity, and it happened to be the birthday of MM Lee Kuan Yew."

The sum will go into an endowment fund, which will generate income to fund scholarships for students from China.

Oei said, "I think it is important for Singapore to have an investment in future Chinese leaders. After they study in Singapore, they go back, they will remember how they got their degree. If you got a tender competing with Taiwan and the Japanese, if the price is the same, I think they will pick Singapore."

This is Oei's second donation to the school. He had donated S$1 million five years ago when the school started operations.

- CNA/yt