Tan son booted out of HK-based company
Lucio Tan’s son Michael was voted out of the taipan’s Hong Kong listed Dynamic Holdings Inc. on Friday, marking the latest reorganization in Tan’s sprawling business empire.
This comes two weeks after the passing of his other son and namesake Lucio “Bong” Tan Jr. who died last Nov. 11, days after collapsing in a basketball game. Bong was in the board of Dynamic Holdings until this death.
During the company’s annual general meeting of the company and presided by Tan as chairman, shareholders voted against re-electing Michael to the board, the only one who was not re-elected as director.
The board is now composed of 11 directors from 13 previously. These are Tan as chairman, his wife Carmen, their daughter Vivienne, their sons-in-law Ramon Pascual and Joseph Chua as executive directors; and Kim
Chan Chong, Kenneth Chong, John Fok, Patrick Go, Angel Ngu, Anthony Ma as independent non-executive directors, according to regulatory filings with the Hong Kong Stock Exchange.
Dynamic Holdings’ board said “the company is not aware of any information relating to disagreement of Mr. Tan with the board and any matter relating to his retirement that needs to be brought to the attention of the shareholders.”
“Given that the re-election of Mr. Tan, Michael Gonzales as executive director in the Resolution no. 3(f) was not passed by the shareholders as ordinary resolution in the AGM, Mr. Tan retired as executive director with effect from the conclusion of the AGM. The board would like to express its sincere gratitude to Mr. Tan for his valuable contribution to the company during his tenure of office,” said Dynamic Holdings CEO Allan Chiu Hung in an announcement.
Dynamic Holdings was founded in 1992, and its shares have been listed on the main board of the Hong Kong Stock Exchange.
It is a premier property developer in mainland China that specializes in the development and investment of up-market residential, commercial and retail projects. It focuses on key cities in fast growing economic regions, such as Beijing, Shanghai and Shenzhen.
The Tan empire has been going through a massive reorganization following a change in leadership in national flag carrier Philippine Airlines, the taipan’s four-star flag carrier and the death of his son Bong.
Bong held many positions in the Lucio Tan Group including vice chairman of PAL, president of PAL Holdings, Tanduay and Eton and is a director of many Tanowned companies.