Investors should press for answers as a corporate governance nightmare unfolds at the company
[SINGAPORE] The Chinese New Year celebrations next month is shaping up to be an awkward affair for Nam Lee Pressed Metal Industries’ Yong family.
The family business was started in the 1950s by the late patriarch Yong Kwong Fae, fabricating galvanised metal household products such as buckets and bath tubs. The Nam Lee as we know it today was incorporated in 1975 by three of his sons – Yong Koon Chin, Yong Kin Sen and Yong Poon Miew – and listed on the Singapore Exchange in 1999.
The brothers, now in their 80s, have passed the mantle to their respective children: Joanna Yong, 55, is the daughter of Yong Koon Chin; Eric Yong, 52, is the son of Yong Kin Sen; and Adrian Yong, 51, is the son of Yong Poon Miew.
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