Asian Family Businesses
Author: Sally Cheong, Tan Li Shan
Families are at the heart of Asian societies. May that never change. When families are torn apart, what is there really left? Patriarchs toil and sweat to build a better life for their children and the future generations. Most prefer that their children carry on the family legacy. But succession in family businesses, especially among highly affluent family conglomerates is a most difficult and sensitive matter. This book gives a broad insight into succession issues in Asia. The Yung Kee Restaurant family feud and Great Eagle Holdings family trust dispute, both in Hong Kong, show that Wills do not always work out as the testator intended. Emperor Kangxi started the practice of naming the successor to the throne in an Imperial Will to be revealed only upon his death worked well for the Qing dynasty for 200 years. It has influenced overseas Chinese inheritance practices.
The right of succession to the ﬁrst born son is common in Asian societies but the tradition is more entrenched in South Korea. In this book we have focused our study on Samsung, Hyundai Motor, SK, LG and Lotte. The top five family dynasties (chaebols) in South Korea where the third and fourth generations are at the helm. In Hong Kong and ASEAN, the passing of batons to the New Generation is taking place. This book highlights the recent changes. We have also looked at the decimation of family-run banks after the Asian Financial Crisis (1997-1998) particularly in Indonesia, Thailand and Malaysia. ln the Philippines families still control the biggest banks. The old world of family-run banks and traditional banking is now giving way to the new world of digital currency and virtual banks of the 21st century. History is in the making before our eyes.
Format: Medium PB
Year published: 2020
Imprint: Sparrow Publishing House
Product weight: 420g