DOCSLIB.ORG

Capital Profile Prasarttong-Osoth Family

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

7 NOVEMBER 2014 Prasarttong-Osoth Family — Bangkok Dusit Medical Services, Bangkok Airways Founding family and controlling shareholder of Thailand-listed Bangkok Dusit Medical Services and Bangkok Airways Bangkok Dusit Medical Services merged with Wichai Thongtang's Phyathai Hospital Group in 2011. Wichai Thongtang was Thaksin Shinawatra's lawyer in the former Thai PM's asset-concealment case in 2001 and is a close friend of Thaksin's brother-in-law Somchai Wongsawat. Bangkok Airways owns and operates four Thai airports: the Suvarnabhumi International Ilya Garger Airport, Samui Airport, Sukothai Airport and Trat Airport Editor in Chief Bangkok Airways' joint venture WFS-PG Cargo has reportedly been investigated for Su- [email protected] varnabhumi International Airport projects awarded during Thaksin's reign Sze Toh Yuin Munn Research Editor Capital Profile covers 12 family members and 21 companies [email protected] David Wu INTRODUCTION Researcher [email protected] The Prasert Prasarttong-Osoth family is be- of THB 25 per share, which crowned it hind SET-listed hospital operator Bangkok Thailand’s largest IPO of 2014, as of early Felix Tjandra Dusit Medical Services Group, one of the big- November. Research Analyst gest private medical services operator in Asia [email protected] Prasert Prasarttong-Osoth had a net worth of with a market capitalization of around THB USD 2.3bn as of June 2014, according to Jacob Li 78.4 billion in assets as of June 2014. The Forbes, which ranked him the eighth richest Analyst family also owns media businesses English- man in Thailand. [email protected] language cable TV channel THN Network (In Channel) and Bangkok Media and Broadcast Origin and Background Jessica Kurnia Co Ltd, which launched digital TV channel Researcher Prasert Prasarttong-Osoth was a surgeon by PPTV. [email protected] training and in practice when he co-founded a privately-run hospital in 1969 with a group Willow Yang The family’s third business segment, airline of doctors and pharmacists due to the poor Reporter Bangkok Airways that owns and mainly oper- [email protected] ate from Suvarnabhumi International Airport public healthcare system in Thailand. The in Bangkok and Samui Airport in Surat Thani, hospital was rebranded as Bangkok Dusit made its debut on the Stock Exchange of Medical Services in 1972, according to its Thailand (SET) on 3 November 2014. Bang- website. Bangkok Dusit Medical Services kok Airways became the fourth SET-listed listed on SET in 1991 and has expanded into airline and raised around THB 13bn (USD the largest private hospital operator in Thai- 400m) from the IPO. Bangkok Airways had a land with 32 hospitals, as of June 2014. It market capital of THB 52.5bn at the IPO price also owns two hospitals in Cambodia. Bang- © 2014 Mergermarket Limited. All rights reserved. For sales enquires contact Christophe Barel (+852 2158 9616; [email protected]) 1 Prasarttong-Osoth Family kok Dusit Medical Services Group has four SET-listed subsidi- Osoth, all of whom are shareholders of Bangkok Dusit Medical aries: Thonburi Medical Centre, Samitivej Hospital, Ramkham- Services and Bangkok Airways. Most of the children appear to haeng Hospital and Bumrungrad Hospital Public Co. be involved in the family companies except youngest son Smit. Eldest son Puttipong is president director of Bangkok Airways. Prasert Prasarttong-Osoth established construction company First daughter Poramaporn is a medical doctor by training and Sahakol Engineering back in the 1960s, which took off due to a director of Bangkok Dusit subsidiary BNH Hospital. Second the establishment of American army bases in Thailand. He daughter Ariya is vice president director of sales of Bangkok then set up Sahakol Air, Bangkok Airways’ predecessor, in Airways, while third daughter Somruthai is the marketing di- 1968 to provide air taxi services to oil and natural gas explora- rector of Bangkok Airways’ subsidiary Bangkok Flight Services. tion companies in Thailand during the Vietnam War, according the Bangkok Airways’ website. In 1986, Sahakol Air was re- Political Affiliation branded Bangkok Airways after the airline obtained govern- Prasert Prasarttong-Osoth has been linked to former Thailand ment permits to operate as a regular charter airline. Bangkok prime minister Thaksin Shinawatra, who was overthrown in a Airways built its first airport in Koh Samui in 1989 as part of military coup in 2006 and subsequently found guilty of corrup- its business strategy to establish its own airports to develop tion. Prasert Prasarttong-Osoth had donated THB 10m to the routes and avoid competition with state-owned Thai Airways Thai Rak Thai party, which was Thaksin’s political vehicle in International. The regular flights between Bangkok and Koh 2005, according to Isaranews. Prasert Prasarttong-Osoth’s Samui has been a success and the direct route has been sister, however, has been quoted criticizing Thaksin and ex- widely credited as transforming Koh Samui into a premier pressing royalist views. tourist destination. Bangkok Airways has one SET-listed sub- sidiary Samui Airport Property Fund. Wichai Thongthang, the vice-chairman of Bangkok Dusit Medi- cal Services according to its 2013 annual report, was the law- Family Members yer for Shinawatra’s during the latter’s 2001 asset- Prasert Prasarttong-Osoth is one of five children of Boonrawd concealment case that ended in his acquittal. Wichai said in and Thongyoo Prasarttong-Osoth. His parents founded an August 2012 interview with Forbes that he is a close friend Prasartthong Osot Co Ltd, which manufactures Thai herbal of Somchai Wongsawat, Thaksin’s brother-in-law. Bangkok medicine under the brand Prasarttong, using a family formula Dusit Medical Services had merged with Wichai’s Phyathai passed down from Prasert Prasarttong-Osoth’s aunt. Prasert Hospital Group in 2011 via a share swap where both compa- Prasarttong-Osoth has two known siblings, brother Prasopsuk nies did not have to pay tax as it was an “Entire Business Prasarttong-Osoth and sister Praprai Prasarttong-Osoth. Neph- Transfer”, according to bangkokbiznews.com. ew Visanu Prasarttong-Osoth is a director of Bangkok Airways Investigations Related To Bangkok Airways and SET-listed Finansia Syrus Securities. He is currently serv- ing as deputy commissioner of Personnel Bureau of the Royal Following the military coup in 2006, some government pro- Thai Police since 2011. jects awarded under Thaksin’s reign were investigated for pos- sible corruption, according to press reports. One probe was on Prasert Prasarttong-Osoth is married to Vanli (Wanlee). Vanli is WFS-PG Cargo Joint Venture Co Ltd, which won the bid to man- the co-owner of Prasartthong Osot and oversees its opera- age cargo at Suvarnabhumi Airport. Bangkok Airways has tion. Vanli was educated in the US on scholarship and has three main businesses: airline services, airports and airport- worked in Thailand's Ministry of Education prior to entering the related services. Bangkok Airways owns 49% of WFS-PG Car- family business, according to the Bangkok Post report in go, a joint venture with global cargo handler WFS. The Nation March 2008. Vanli is also known for her work in Thailand's reported in 2006 that irregularities were found in the Airports Sukothai Organic Agriculture Project, which develops and of Thailand (AOT) awarding of the concession to WFP-PG Cargo grows organic rice, fruits and vegetables on a plot across the in 2003. Allegations of collusion in the bid were vehemently Sukothai Airport. Prasert and Vanli have five children: Put- denied by Bangkok Airways and a further search did not yield tipong, Poramaporn, Ariya , Somruthai and Smit Prasarttong- results in the investigation. © 2014 Mergermarket Limited. All rights reserved. For sales enquires contact Christophe Barel (+852 2158 9616; [email protected]) 2 Prasarttong-Osoth Family Meanwhile, Narongchai Tanadchangsaeng, an executive of- agreements. Failure to maintain certain airport licenses could ficer of Bangkok Airways since 2013, is currently involved in also trigger a breach of the lease agreements that would af- two civil lawsuits relating to his prior employment with AOT, fect the airline's ability to operate, according to the prospec- according to Bangkok Airways IPO prospectus. The AOT is tus. claiming damages of around THB 3.6bn from three defend- TV Channels ants including Narongchai, who were involved in the bid pro- cess for hiring security services at Suvarnabhumi Airport. The Prasert Prasarttong-Osoth invested THB 150m to establish AOT alleged “that the defendants modified the terms of ser- English-language cable TV channel THN Network (In Channel) vices which set out the approved AOT criteria for engaging a in 2012, according to a September 2012 Nation report, citing third party provider”. The case has been adjourned due to ad- THN Network managing director and Bangkok Airways VP for ministrative delays, according to the prospectus. corporate communications Nandhika Varavan. He then set up his second media venture Bangkok Media & Broadcasting Co Bangkok Airways Missed Covenants Ltd in 2013 and launched PPTV, using his initials, according to During the global downturn in 2007-2009, Bangkok Airways press reports. PPTV, the high-definition digital TV channel went was late in payment and failed to meet covenants under the on air in April 2014, the Nation reported in March 2014, citing
Recommended publications
  • Conflict in Southern Thailand

    Conflict in Southern Thailand

    ARC Federation Fellowship Islam, Syari’ah and Governance BACKGROUND PAPER SERIES Conflict in Southern Thailand: Causes, Agents and Trajectory John Funston ARC Federation Fellowship “Islam and Modernity: Syari’ah, Terrorism and Governance in South-East Asia” Professor Tim Lindsey was appointed as an ARC Federation Fellow in 2006, a 5-year appointment funded by the Australian Research Council (ARC). Professor Lindsey will research “Islam and Modernity: Syari’ah, Terrorism and Governance in South-East Asia”. Terrorism in Southeast Asia responds to challenges that western-derived modernity poses for Islam, including market economies, democracy and nation states. Professor Lindsey will examine the different responses to these challenges through research in regional Muslim communities, institution building, mentoring young scholars and community ARC Federation engagement in the Southeast Asian region. The Fellowship also aims to help strengthen Fellowship: the University of Melbourne’s new Centre for Islamic Law and Society as a hub for Islam, Syari’ah research and public engagement on issues related to Islam and law in our region. He and aims to achieve a better understanding in Australia of Islam and terrorism in Southeast Governance Asia and thereby strengthen Australia’s capacity to navigate our regional relationships. Background Islam, Syari’ah and Governance Background Paper Series Paper The Islam, Syari’ah and Governance Background Paper Series seeks to provide a consid- ered analysis of important issues relevant to Islam, syari’ah and governance in Southeast Asia. The Background Paper Series is distributed widely amongst government, business, aca- demic and community organisations. Please contact the Centre for Islamic Law and Society at [email protected] if you would like to receive future editions of the Series.
  • PB 14-21: Is China's Property Market Heading Toward Collapse?

    PB 14-21: Is China's Property Market Heading Toward Collapse?

    Policy Brief NUMBER PB14-21 AUGUST 2014 and controversies. Without properly understanding the market’s Is China’s Property Market history and mechanisms, many analysts often compare today’s situation in China with the Japanese property bubble and its Heading toward Collapse? subsequent collapse in the early 1990s and the US housing market collapse in 2008, suggesting China is about to experi- ence something of similar proportions. Li-Gang Liu Th e fears about China’s property market are likely over- blown. First, China’s private housing market is young. It did Li-Gang Liu, visiting fellow at the Peterson Institute for International not exist until 1998. Over the last 16 years, the property sector Economics, is chief economist for Greater China at the Australia and New Zealand Banking Group in Hong Kong. Previously, he worked for the has seen large swings in both prices and levels of investment. Hong Kong Monetary Authority, the Asian Development Bank Institute, Cyclical downturns have resulted from macroeconomic condi- and the World Bank. tions, credit restrictions, and the government’s attempts to curb either the overheating or overcooling of the sector. Th is Author’s note: I acknowledge Nicholas Borst, Gary Clyde Hufbauer, Ken Kuttner, Adam S. Posen, Ted Truman, Steven R. Weisman, and an anony- cyclicality is a good thing to the extent that investors tend to mous reviewer for their excellent comments, which have helped improved this article substantially. All remaining errors are mine alone. As long as urbanization continues and © Peterson Institute for International Economics. All rights reserved. appropriate policies are adopted, this China’s property market has slowed signifi cantly since the property market downturn should fi rst half of 2014, with sharp declines in sales and a buildup prove to be merely cyclical.
  • Major Developments in Thailand's Political Crisis

    Major Developments in Thailand's Political Crisis

    Major developments in Thailand’s political crisis More unrest and policy paralysis are likely as Thailand prepares for early elections. The country has suffered five years of political turbulence and sporadic street violence after former premier Thaksin Shinawatra was ousted in a 2006 coup. Thaksin currently commands a powerful opposition movement, standing in the way of current prime minister, Abhisit Vejjajiva. SET index GDP growth – % chg y/y 1200 15 1000 10 I 800 H O 5 D B PQ C G E F 600 J 0 N M 400 KL -5 A 200 -10 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2001 2008 cont... A January 6 J September Thaksin Shinawatra’s Thais Love Thais (Thai Rak Thai) party wins Samak found guilty of violating constitution by hosting TV cooking 248 of 500 seats in parliamentary election. shows while in office and had to quit. Somchai Wongsawat, Thaksin’s brother-in-law at the time, is elected prime minister by 2005 parliament. B February 6 K October 21 Thailand voters hand Thaksin Shinawatra a second term with The Supreme Court sentences Thaksin to two years in jail in expanded mandate. absentia for breaking a conflict-of-interest law. C September L November 25 Sondhi Limthongkul, a former Thaksin business associate, starts PAD protesters storm Bangkok’s main airport, halting all flights. Up the yellow-shirted People’s Alliance for Democracy (PAD) street to 250,000 foreign tourists are stranded. campaign to oust Thaksin. M December Constitutional Court disbands the PPP and bans Somchai from 2006 politics for five years for electoral fraud.
  • Download This PDF File

    Download This PDF File

    “PM STANDS ON HIS CRIPPLED LEGITINACY“ Wandah Waenawea CONCEPTS Political legitimacy:1 The foundation of such governmental power as is exercised both with a consciousness on the government’s part that it has a right to govern and with some recognition by the governed of that right. Political power:2 Is a type of power held by a group in a society which allows administration of some or all of public resources, including labor, and wealth. There are many ways to obtain possession of such power. Demonstration:3 Is a form of nonviolent action by groups of people in favor of a political or other cause, normally consisting of walking in a march and a meeting (rally) to hear speakers. Actions such as blockades and sit-ins may also be referred to as demonstrations. A political rally or protest Red shirt: The term5inology and the symbol of protester (The government of Abbhisit Wejjajiva). 1 Sternberger, Dolf “Legitimacy” in International Encyclopedia of the Social Sciences (ed. D.L. Sills) Vol. 9 (p. 244) New York: Macmillan, 1968 2 I.C. MacMillan (1978) Strategy Formulation: political concepts, St Paul, MN, West Publishing; 3 Oxford English Dictionary Volume 1 | Number 1 | January-June 2013 15 Yellow shirt: The terminology and the symbol of protester (The government of Thaksin Shinawat). Political crisis:4 Is any unstable and dangerous social situation regarding economic, military, personal, political, or societal affairs, especially one involving an impending abrupt change. More loosely, it is a term meaning ‘a testing time’ or ‘emergency event. CHAPTER I A. Background Since 2008, there has been an ongoing political crisis in Thailand in form of a conflict between thePeople’s Alliance for Democracy (PAD) and the People’s Power Party (PPP) governments of Prime Ministers Samak Sundaravej and Somchai Wongsawat, respectively, and later between the Democrat Party government of Prime Minister Abhisit Vejjajiva and the National United Front of Democracy Against Dictatorship (UDD).
  • The Globalization of Chinese Food ANTHROPOLOGY of ASIA SERIES Series Editor: Grant Evans, University Ofhong Kong

    The Globalization of Chinese Food ANTHROPOLOGY of ASIA SERIES Series Editor: Grant Evans, University Ofhong Kong

    The Globalization of Chinese Food ANTHROPOLOGY OF ASIA SERIES Series Editor: Grant Evans, University ofHong Kong Asia today is one ofthe most dynamic regions ofthe world. The previously predominant image of 'timeless peasants' has given way to the image of fast-paced business people, mass consumerism and high-rise urban conglomerations. Yet much discourse remains entrenched in the polarities of 'East vs. West', 'Tradition vs. Change'. This series hopes to provide a forum for anthropological studies which break with such polarities. It will publish titles dealing with cosmopolitanism, cultural identity, representa­ tions, arts and performance. The complexities of urban Asia, its elites, its political rituals, and its families will also be explored. Dangerous Blood, Refined Souls Death Rituals among the Chinese in Singapore Tong Chee Kiong Folk Art Potters ofJapan Beyond an Anthropology of Aesthetics Brian Moeran Hong Kong The Anthropology of a Chinese Metropolis Edited by Grant Evans and Maria Tam Anthropology and Colonialism in Asia and Oceania Jan van Bremen and Akitoshi Shimizu Japanese Bosses, Chinese Workers Power and Control in a Hong Kong Megastore WOng Heung wah The Legend ofthe Golden Boat Regulation, Trade and Traders in the Borderlands of Laos, Thailand, China and Burma Andrew walker Cultural Crisis and Social Memory Politics of the Past in the Thai World Edited by Shigeharu Tanabe and Charles R Keyes The Globalization of Chinese Food Edited by David Y. H. Wu and Sidney C. H. Cheung The Globalization of Chinese Food Edited by David Y. H. Wu and Sidney C. H. Cheung UNIVERSITY OF HAWAI'I PRESS HONOLULU Editorial Matter © 2002 David Y.
  • China Equity Strategy

    China Equity Strategy

    June 5, 2019 09:40 AM GMT MORGAN STANLEY ASIA LIMITED+ China Equity Strategy | Asia Pacific Jonathan F Garner EQUITY STRATEGIST [email protected] +852 2848-7288 The Rubio "Equitable Act" - Our Laura Wang EQUITY STRATEGIST [email protected] +852 2848-6853 First Thoughts Corey Ng, CFA EQUITY STRATEGIST [email protected] +852 2848-5523 Fran Chen, CFA A new bill sponsored by US Senator Marco Rubio has the EQUITY STRATEGIST potential to cause significant change in the listing domains of [email protected] +852 2848-7135 Chinese firms. After the market close in the US yesterday 4th June the Wall Street Journal published an Op-Ed by US Senator Marco Rubio in which he announced that he intends to sponsor the “Equitable Act” – an acronym for Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges. At this time the text of the bill has not been published and we are seeking additional information about its contents and likelihood of passing. However, our early reaction is that this has the potential to cause significant changes in the domain for listings of Chinese firms going forward with the potential for de- listing of Chinese firms on US exchanges and re-listing elsewhere (most likely Hong Kong). More generally we see this development as part of an increased escalation of tensions between China and the US on multiple fronts which should cap the valuation multiple for China equities, in particular in the offshore index constituents and US-listed parts of the universe. We provide a list of the potentially impacted China / HK names with either primary or secondary listings on Amex, NYSE or Nasdaq.
  • The Industrial Tree Operations of the Nusantara Fiber Group

    The Industrial Tree Operations of the Nusantara Fiber Group

    The industrial tree operations of the Nusantara Fiber group. February 2021 Colofon The industrial tree operations of the Nusantara Fiber group This report is part of the project 'Corporate Transformation in Indonesia's Pulp & Paper Sector' Supported by Good Energies Foundation www.goodenergies.org February 2021 Contact: www.aidenvironment.org/pulpandpaper/ [email protected] Front page image: Forest clearing by Nusantara Fiber's plantation company PT Industrial Forest Plantation Landsat 8 satellite image, early October 2020 Images: Images of Industrial Forest Plantations used in the report were taken with the support of Earth Equalizer www.facebook.com/earthqualizerofficial/ Graphic Design: Grace Cunningham www.linkedin.com/in/gracecunninghamdesign/ Aidenvironment Barentszplein 7 1013 NJ Amsterdam The Netherlands + 31 (0)20 686 81 11 www.aidenvironment.org [email protected] Aidenvironment is registered at the Chamber of Commerce of Amsterdam in the Netherlands, number 41208024 Contents The industrial tree operations of the Nusantara Fiber group | Aidenvironment Executive summary p. 6 Conclusions and recommendations p. 8 Introduction p. 11 CHAPTER ONE Company profile 1 Nusantara Fiber group: company profile p. 12 1.1 Industrial tree concessions p. 13 1.2 Company structure p. 14 CHAPTER TWO Deforestation 2 Deforestration by the Nusantara Fiber group p. 16 for industrial 2.1 Forest loss of 26,000 hectares since 2016 p. 18 trees 2.2 PT Industrial Forest Plantation p. 20 2.3 PT Santan Borneo Abadi p. 22 2.4 PT Mahakam Persada Sakti p. 25 2.5 PT Bakayan Jaya Abadi p.26 2.6 PT Permata Hijau Khatulistiwa p.27 CHAPTER THREE Palm oil 3 The palm oil businesses of Nusantara Fiber directors p.
  • WIC Template 13/9/16 11:52 Am Page IFC1

    WIC Template 13/9/16 11:52 Am Page IFC1

    In a little over 35 years China’s economy has been transformed Week in China from an inefficient backwater to the second largest in the world. If you want to understand how that happened, you need to understand the people who helped reshape the Chinese business landscape. china’s tycoons China’s Tycoons is a book about highly successful Chinese profiles of entrepreneurs. In 150 easy-to- digest profiles, we tell their stories: where they came from, how they started, the big break that earned them their first millions, and why they came to dominate their industries and make billions. These are tales of entrepreneurship, risk-taking and hard work that differ greatly from anything you’ll top business have read before. 150 leaders fourth Edition Week in China “THIS IS STILL THE ASIAN CENTURY AND CHINA IS STILL THE KEY PLAYER.” Peter Wong – Deputy Chairman and Chief Executive, Asia-Pacific, HSBC Does your bank really understand China Growth? With over 150 years of on-the-ground experience, HSBC has the depth of knowledge and expertise to help your business realise the opportunity. Tap into China’s potential at www.hsbc.com/rmb Issued by HSBC Holdings plc. Cyan 611469_6006571 HSBC 280.00 x 170.00 mm Magenta Yellow HSBC RMB Press Ads 280.00 x 170.00 mm Black xpath_unresolved Tom Fryer 16/06/2016 18:41 [email protected] ${Market} ${Revision Number} 0 Title Page.qxp_Layout 1 13/9/16 6:36 pm Page 1 china’s tycoons profiles of 150top business leaders fourth Edition Week in China 0 Welcome Note.FIN.qxp_Layout 1 13/9/16 3:10 pm Page 2 Week in China China’s Tycoons Foreword By Stuart Gulliver, Group Chief Executive, HSBC Holdings alking around the streets of Chengdu on a balmy evening in the mid-1980s, it quickly became apparent that the people of this city had an energy and drive Wthat jarred with the West’s perception of work and life in China.
  • China Property – Equity & Bond Weekly Wrap

    China Property – Equity & Bond Weekly Wrap

    China Property – Equity & Bond weekly wrap Industry Overview Equity/Fixed Income | China | Real Estate/Property 26 March 2012 Macro factors dominate again Equity research Raymond Ngai, CFA >> +852 2536 3987 Equities slumped 4.9%, bonds yields widened to 13.19% Research Analyst Merrill Lynch (Hong Kong) Chinese developers’ shares fell another -4.9% w/w last week, after a 2.3% [email protected] decline. Overall stock market sentiment was not too good in the past week, with Matthew Chow, CFA >> +852 2161 7877 some soft macro numbers coming out from the US and Europe; and actually the Research Analyst Merrill Lynch (Hong Kong) HSCEI index was also down 5% w/w last week, on concerns of weaker economic [email protected] growth (as well as speculation over possible political tensions within China.) Sunny Tam, CFA >> +852 2536 3446 Chinese developers’ bond yields also widened another 62bps to an average Research Analyst 13.19% vs 12.57% in the week before. In the past week, macro factors seem to Merrill Lynch (Hong Kong) dominate share/bond prices again. However, looking ahead March sales numbers [email protected] for developers to be released in early April may give more indication as to how Liying Du >> +852 2161 7008 Research Analyst realistic developers’ 2012 sales targets are, and could provide more company Merrill Lynch (Hong Kong) specific drivers for the sector. [email protected] Credit Research Proposal for more property tax pilot cities approved Alwyn Pang, CFA +852 2536 3485 Last week, the National Development and Reform Committee's 2012 Economic Research Analyst Reform Proposals were approved by the State Council.
  • Coming Back Home After the Sun Rises: Returnee Entrepreneurs and Growth of High Tech Industries

    Coming Back Home After the Sun Rises: Returnee Entrepreneurs and Growth of High Tech Industries

    G Model RESPOL-2772; No. of Pages 17 ARTICLE IN PRESS Research Policy xxx (2012) xxx–xxx Contents lists available at SciVerse ScienceDirect Research Policy jou rnal homepage: www.elsevier.com/locate/respol Coming back home after the sun rises: Returnee entrepreneurs and growth of high tech industries a,b c,∗ d Martin Kenney , Dan Breznitz , Michael Murphree a Department of Human and Community Development, University of California, Davis, United States b Berkeley Roundtable on the International Economy, United States c The Scheller College of Business, Georgia Institute of Technology, United States d Sam Nunn School of International Affairs, Georgia Institute of Technology, United States a r t i c l e i n f o a b s t r a c t Article history: Recently, the role of returnees in the economic development of various East Asian nations has received Received 6 November 2011 much attention. The early literature on the relocation of the most highly trained individuals from a devel- Received in revised form 30 July 2012 oping nation to a developed nation viewed the phenomena as a “brain drain.” Since the 1990s, a new Accepted 4 August 2012 strand of thinking has suggested that for developing nations this was actually a positive phenomenon; as Available online xxx these expatriates studied and then worked abroad, they absorbed technical expertise, managerial, and entrepreneurial skills. These theories stipulated that these expatriates then returned home, and ignited Keywords: a virtuous circle of technological entrepreneurship leading to rapid economic development. Much of this High skilled immigrants Innovation literature gives returnees a critical role in the home country’s take-off period of the local information and communications technology (ICT) industry.
  • SOHO CHINA LIMITED SOHO中國有限公司 (Incorporated in the Cayman Islands with Limited Liability) 13.51A (Stock Code: 410)

    SOHO CHINA LIMITED SOHO中國有限公司 (Incorporated in the Cayman Islands with Limited Liability) 13.51A (Stock Code: 410)

    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited 14.58(1) take no responsibility for the contents of this announcement, make no representation as to Note 5, 13.52 its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. SOHO CHINA LIMITED SOHO中國有限公司 (incorporated in the Cayman Islands with limited liability) 13.51A (Stock Code: 410) DISCLOSEABLE TRANSACTION PROPOSED ACQUISITION OF SHANGHAI TIANSHAN ROAD PROJECT PROPOSED ACQUISITION The Board wishes to announce that on 17 April 2012, the Company and SOHO Shanghai, a wholly-owned subsidiary of the Company, as purchaser entered into the Framework Agreement with Greentown Holdings and the Vendors, as vendors for the acquisition of the entire equity interests in Greentown Plaza Development and all the rights and title to the Loans at an aggregate consideration of RMB2,137,720,000 (subject to adjustments, if any). As at the date of this announcement, the registered capital of Greentown Plaza Development is RMB100,000,000 and is owned as to 70% by Greentown Real Estate and 30% by MaAnShan Development. Greetown Plaza Development is responsible for development of the Tianshan Road Project. The Tianshan Road Project is at the most prime location of the Hongqiao Foreign Trade Center, in Changning District, Shanghai. Being the first business district for foreign enterprises in Shanghai, this area is home to over 4,400 enterprises and organisations with a high concentration of foreign enterprises (over 50% of the companies are foreign invested enterprises including many multinational companies such as Intel, GE, Samsung and Shell).
  • The Anti Money Laundering Approach

    The Anti Money Laundering Approach

    Center for International Forestry Research Center for International Forestry Research CIFOR Occasional Paper publishes the results of research that is particularly significant to tropical forestry. The content of each paper is peer reviewed internally and externally, and published simultaneously on the web in downloadable format (www.cifor.cgiar.org/publications/papers). Contact publications at [email protected] to request a copy. CIFOR Occasional Paper No. 44 Fighting forest crime and promoting prudent banking for sustainable forest management The Center for International Forestry Research (CIFOR) is a leading international forestry The anti money laundering approach research organization established in 1993 in response to global concerns about the social, environmental, and economic consequences of forest loss and degradation. CIFOR is dedicated to developing policies and technologies for sustainable use and management of forests, and for enhancing the well-being of people in developing countries who rely on tropical forests for their livelihoods. CIFOR is one of the 15 Future Harvest centres of the Consultative Group on International Agricultural Research (CGIAR). With headquarters in Bogor, Indonesia, CIFOR has regional offices in Brazil, Burkina Faso, Cameroon and Zimbabwe, and it works in over 30 other countries around the world. Bambang Setiono and Yunus Husein CIFOR is one of the 15 Future Harvest centres CIFOR of the Consultative Group on International Agricultural Research (CGIAR) Donors CIFOR Occasional Paper Series The Center for International Forestry Research (CIFOR) receives its major funding from governments, international development organizations, private 1. Forestry Research within the Consultative Group on International 23. Les Approches Participatives dans la Gestion des Ecosystemes Forestiers foundations and regional organizations.