Lessons not Learned

Stewart Hamilton and Jinxuan Ann Zhang
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Stewart Hamilton: IMD

Chapter 10 in Doing Business with China, 2012, pp 144-147 from Palgrave Macmillan

Abstract: Abstract At the age of 67, Larry Yung Chikin (or Rong Zhijian in Mandarin), chairman of CITIC Pacific Limited (CITIC Pacific), had not thought about retiring from the company that he had founded two decades earlier, at least not in such a dismaying way. However, things changed in 2008 when an unsuccessful bet on the direction of currency moves caught the company wrong-footed amid the global credit crunch. Faced with the “great impact in society” following the Hong Kong police force’s probe into the debacle, Yung was forced to resign “in the best interests of the company,” ending a century-long family history in both Hong Kong and mainland China, as well as his legendary status as the “red tycoon.”

Keywords: Corporate Governance; Audit Committee; Chinese Communist Party; Capital Expen Diture; CITIC Group (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1057/9780230305458_12

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