A family crisis is the last thing bilyonaryo Lucio Tan needs right now as he already has his hands full trying to save his bankrupt airline and keeping his other businesses on sound financial footing.
A big crack in Tan’s first family has emerged with the shocking public announcement that the 87-year old taipan has cut all business ties with his erstwhile favorite son-in-law, Joseph Tan Chua
“The public is hereby notified that Mr. Joseph Chua has no authority to represent Dr. Lucio C. Tan, the Tan family, and Lucio Tan group of companies. Any prior authority or representation given to Mr. Joseph Chua are deemed void and or revoked,” read a notice to the public published in the Philippine Daily Inquirer on 6 October 2021.
Chua is the husband of Rowena, Tan’s eldest daughter with first wife Carmen.
A Babbler said Carmen was especially fond of Chua and entrusted him with sensitive posts and key financial matters in the Tan empire, even at the expense of her eldest son, the late Bong Tan.
The Babbler said the decision to cut off ties with Chua was made by Carmen who has virtually been running the family business over the last two years.
The Babbler said Chua was ejected from the family business due to “financial matters.”
Chua is director of PAL Holdings (since 2019) and president, COO and director of Macroasia. He is also a top executive of more than a dozen Tan companies.