BIZ BUZZ: Auditing the son-in-law | Inquirer Business
Close  

BIZ BUZZ: Auditing the son-in-law

/ 05:22 AM October 08, 2021

The Lucio Tan (LT) group recently took out an ad notifying the public that Joseph Chua—the tycoon’s son-in-law who is president and chief operating officer of aviation services unit MacroAsia Corp.—had “no authority” to represent the tycoon, the entire family and the group of companies.

“Any prior authority or representation given to Mr. Joseph Chua are deemed void and/or revoked,” said the public notice, which naturally raised eyebrows in the business community.

ADVERTISEMENT

For family squabbles to trigger such a public announcement, especially among the rich and famous, it’s typically taken as a measure of last resort. It’s reminiscent of that time several years ago when another tycoon, now departed, issued a similar public notice disavowing any transaction entered by his own daughter.

In this case, industry sources said that some asset allocation/transfers attributed to Chua—previously unchecked especially as the family was still grieving over the loss of scion Lucio “Bong” Tan Jr.—were now allegedly under scrutiny.

FEATURED STORIES

People are now wondering whether he can still keep his post at the helm of MacroAsia. In the past, he had lost key positions at other LT companies but managed to regain some clout later on.

Asked by the Philippine Stock Exchange about the ad stripping Chua off any authority to represent the conglomerate and the family, MacroAsia said a special board meeting would be called the soonest possible time.

“All issues will be addressed then, and appropriate disclosures will be made immediately thereafter,” MacroAsia replied.

—Doris Dumlao-Abadilla

Solutions to Salcedo’s woes

We published last Monday the details of a petition sent by residents and business owners of Salcedo Village in Makati City to the authorities asking for heightened measures against a rising tide of street crime in the vicinity since the start of the pandemic, and now we know what’s being done about it.

Biz Buzz received a letter from the office of Bel-Air Barangay Captain Constancia Lichauco who said local authorities had already gathered all the stakeholders—resident representatives, police, Makati commercial and parking authorities, and village watchmen—to discuss what was happening in Salcedo and how to avert crimes like snatching, holdups, pickpocketing, among others, from occurring.

“In that meeting, all responsible parties came up with proposed solutions,” she said.

In a meeting attended by no less than the City Administrator (Atty. Claro Certeza), the head of the City Legal Department, Makati Chief of Police, Makati Commercial Estates Association, the different PNP Subcommanders and the different business establishments in the commercial business district, authorities ordered the implementation of measures like adding more watchmen, installing additional CCTVs and streetlights, increasing police visibility and mobile patrolling “to arrest the growing boldness of the criminals not only in Salcedo but in the different parts of Makati.”

ADVERTISEMENT

“We are happy to inform you that in the recent days after the September 24 meeting up to present, there are no reported crimes in Salcedo,” Lichauco said.

Separately, City Administrator Certeza wrote Biz Buzz saying that Makati police have deployed 42 personnel to man 22 identified control points in the area and raise police visibility in the area. More importantly, they have been conducting round-the-clock patrols.

Immediately, the measures have yielded results as two armed robbery suspects on a motorcycle were arrested in nearby Barangay Poblacion.

“Upon verification, the motorcycle turned out to be the getaway vehicle used in robbery incidents in the vicinity,” Certeza said, adding that one of the victims positively identified a suspect.

“Rest assured that the city government of Makati remains strongly committed to maintaining peace and order and ensuring the safety of all stakeholders and residents of the city,” he said.

Another letter was sent by the Makati Commercial Estates Authority detailing the steps it has taken to address the crime situation in the area, with positive results, apparently.

So far so good. Now the challenge is to maintain the tempo of these operations and the enthusiasm of all stakeholders to keep their guard up. Abangan!

—Daxim L. Lucas
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Barangay Captain Constancia Lichauco, Biz Buzz, Joseph Chua, Lucio Tan (LT) group, MacroAsia Corp.
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.