Bong Tan’s own power struggle

Bong Tan’s own power struggle

IT seems that Lucio Tan Jr. is himself having his own internal power struggle.

But instead of the sibling feud eating up his billionaire father and his uncle, the young Tan is wrestling with more productive exertions.

According to the grapevine, the firstborn son of the country’s second richest man has been quietly headhunting and assembling a management team for a $900-million, 330-megawatt hydro power plant in Nueva Vizcaya, a venture that will be outside of the Lucio Tan Group of companies.

The power plant venture, apparently being undertaken with mainland Chinese partners and funding, has already hired as chief financial officer Caesar Altarejos Jr., a former CFO of Sunlife and TKC Steel, and former Carpio Villaraza lawyer Cynthia Nuval as chief legal officer.

In a move to dissociate the new venture from the family empire, the junior Tan chose to rent half a floor in LKG Tower, which is owned by the father-in-law of Bong Tan’s sister, rather than ask for space in his father’s Allied Bank Center.

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