Macroasia has announced the retirement of disgraced president and COO Joseph Chua after his father-in-law, bilyonaryo Lucio Tan, shockingly cut him off from his business empire.
In a meeting on October 8, the Macroasia board chaired by Tan “accepted the retirement” of Chua two days after the airline and tobacco tycoon embarrassed his son-in-law with a stinging public notice of separation.
“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,” according to a notice published in a newspaper on October 6.
“The board has thanked him for growing the corporation over the years, from a small business making only two million pesos to a company that makes more than a billion pesos of profit before the pandemic hit,” MacroAsia said.
MacroAsia director Johnip G. Cua, chairman of the audit committee, “commended Mr. Joseph Chua for managing the corporation with integrity, with clean audit findings from our external auditors year after year.”
Cua was a director of Macroasia for 24 years.