Murky deals in Guam allegedly got Joseph Chua evicted from Lucio Tan empire; daughter Gigi Tan Yu takes over Guam operations
Business

Murky deals in Guam allegedly got Joseph Chua evicted from Lucio Tan empire; daughter Gigi Tan Yu takes over Guam operations

“Retired” Macroasia president and COO Joseph Chua’s fall from grace in bilyonaryo Lucio Tan’s business empire started months before his father-in-law came out with an embarrassing public notice of his eviction.

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A Babbler said the 87-year old Tan axed Chua, the husband of Tan and first wife Carmen’s eldest daughter Rowena, from his Guam-based businesses under Goodwind Development Corp. allegedly due to questionable property acquisitions made by the son-in-law without the tobacco and airline tycoon’s knowledge.

In May 2021, Goodwind announced the hiring of Jeselyn “Gigi” Tan Yu, another daughter of Tan and Carmen, in place of Chua who was president and managing director of the firm since the 1980s.

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Goodwind – which owns Micronesia Mall (Guam’s biggest), American Bakery, and Guam Beachfront Residences – also revamped its board with the appointment of food and beverage supplier Richard Chan and former SGV audit manager Rene Lao.

The Babbler said Tan’s auditors stumbled on several property purchases in Guam made by Chua allegedly using funds of Macroasia without authorization. (Before his retirement last week, Chua served as director of Macroasia since 1997; CEO from 2003 to 2015; and president and COO from 2015 to 2021.)

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According to the Babbler, these unauthorized purchases were the final straw as Tan had long wanted to kick Chua out of his business empire due to numerous bum deals and opaque financial transactions involving the LT Group of companies.

The Babbler said Tan was able to shoot down some of Chua’s bright ideas in Macroasia, such as deals with Ogden Aviation Philippines, Eastern Telecom, and Computer Associates.

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Among Chua’s egregious flops were Macroasia’s entry into mining (Tan is not a fan of the business) and the ill-fated Kalibo ferry which cost Philippine Airlines P774
million in losses.

The Babbler said Tan’s first wife, Carmen, was the biggest backer of Chua in the LT Group.

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“Whenever Tan got fed up with Chua and wanted to kick him out, Carmen would passionately intervene for her favorite son-in-law. She’s the only reason he stayed that long in the family business,” the Babbler said.

When Tan finally came out with the public notice revoking any authority for Chua to represent him or his companies, the Babbler said it was apparent that even Carmen had lost all confidence in Chua.

 
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