A well-known business man and family patriarch when into court in Singapore last week, fighting his removal as chairman of the company he created. Mr.Thio Keng Poon has spent the last forty-six years nurturing the Malaysia Dairy Industry. He created the company, and then brought it to where it is today, a company that began with one million dollar yearly profits, to more than the 800 million that the company profits to date. He began with the philosophy that only healthy products would be produced in his company, a dairy company that specializes in organic milk, yogurt and juice drinks. For half a century, his company has provided healthy products to most of Southeast Asia.
Two years ago his family accused him of double charging travel expenses. There is evidence that he charged multiple times for stays in top Singapore hotels, as well as double charging for plane tickets. When questioned about it then, he responded that he had mis-placed many of the invoices and receipts. He stated that by estimating what he had spent, and the fact that he was traveling with a companion which doubled expenses, that the amount he was reimbursed by submitting the air-fair sum twice, was actually less than he had spent originally. He has since been removed as head of the company by his six children, and his wife, who is non too happy about Thio’s female traveling companion.
A few years ago, Mr. Thio did transfer most of his shares and company stock to his wife and children. But it was his understanding, that even in given up financial control, he would still be the one calling the shots and making the financial and business decisions. He was called into question for a sum of money he had paid to himself, consulting fees for two of the four companies. And while the attorney for the defense stated that Thio had signed a contract releasing control, he contends again, that even though the shares are now in his son’s names, they were his to begin with, he gave gave shares to his sons, worth millions of dollars, but did not give up his company. Along with attempting to save his company, Mr. Thio stated that he just did not understand the treatment given to him by his sons. That he was taught about life and brought up by the old tradition of family loyalty, passed down to him by his father. He states that he just expected his children would continue to treat with same respect that he showed his father. His trial is expected to continue through April, 2009.
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