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As the struggle continues in the Tan Chong Group, the biggest losers may be the feuding families themselves.
WITH Datuk Tan Kim Hor ousted, the fate of his sons on the boards of
companies within the Tan Chong Group seems uncertain.
Speculation is rife that some would be relieved of their directorships.
Sources say an attempt to remove at least one of Kim Hor's sons from the
board of some subsidiaries was started in mid-May. However, the move was
put off pending the outcome of the annual general meetings (AGMs) of the
listed companies within the group, held at end-May.
`With Kim Hor out, it is only natural that his sons holding
directorships in the subsidiaries are also removed,' add the sources.
`They may, however, still get to play roles in operations, holding key
positions but without a place on the board.'
For instance, Tan Chong Motor Holdings Bhd (TCMH) itself has at least 37
subsidiaries, ranging from insurance to property holding. The best
performers are those responsible for the assembly of Nissan vehicles (Tan
Chong Assemblies Sdn Bhd) and distribution (Tan Chong & Sons Motor Co Sdn
Bhd).
Kim Hor's sons Boon-Pun and his younger brother Hoe Pin hold key
positions at the assembly and distribution outfits. Both also sit on their
boards.
The prime focus is on Boon-Pun, the managing director of Tan Chong
Assemblies. He was the personal assistant to Tan Chong co- founder Tan Sri
Tan Yuet Foh until the latter's death in 1985. (Yuet Foh and Kim Hor are
brothers. Yuet Foh's son Heng Chew now controls Tan Chong Consolidated Sdn
Bhd (TCC), the group's holding company.)
Besides the assembly division, Boon-Pun is also a key figure at Warisan
TC Bhd which overlooks operations covering consumer products, mainly
lingerie, travel and car rental.