The Evergreen Group (長榮集團) announced that Chang Kuo-wei (張國煒), the youngest son of group founder Chang Yung-fa (張榮發), has been named the chairman of the NT$400 billion (US$11.92 billion) shipping and transportation conglomerate.
In a statement released late on Thursday, the group confirmed that a will written by Chang Yung-fa in December 2014 named Chang Kuo-wei as his successor. Chang Yung-fa passed away on Jan. 20.
In the statement, Chang Kuo-wei, the chairman of EVA Airways Corp (長榮航), expressed “regret” for having disclosed the content of the will so early, while the succession process was still being discussed among Chang Yung-fa’s heirs and before an official statement could be released to the public.
The group’s publicly listed units — Evergreen International Storage & Transportation Corp (榮運), Evergreen Marine Corp (長榮海運) and EVA Airways — said in separate filings with the Taiwan Stock Exchange that their operations would not be affected by the succession process.
However, industry insiders said a dispute over the succession is brewing among Chang Yung-fa’s heirs.
Stock exchange filings show that Chang Yung-fa’s three elder sons from his first wife, Lin Chin-chih (林金枝), hold significantly larger stakes in the group’s main units than Chang Kuo-wei, the only child of Chang Yung-fa’s second wife, Lee Yu-mei (李玉美).
In particular, Chang Kuo-wei’s three older brothers hold a sizable stake in Evergreen Marine Corp, the group’s flagship company.
Although the will leaked by Chang Kuo-wei states that he is the sole heir to the NT$53.6 billion in assets and company shares left by his father, it remains unclear whether he would be able to amass a controlling stake in the group.
Due to extensive cross-ownership among a number of affiliated organizations, holding companies and subsidiaries, such as the Chang Yung-Fa Foundation (張榮發基金會) and Evergreen International Corp (長榮國際), Chang Kuo-wei’s succession may be challenged, even with the addition of shareholderings previously owned by his father.
The title of group chairman is not a management position recognized by the law, and de facto leadership of the companies is largely determined by the size of shareholdings one owns.
Moreover, the Civil Code stipulates that a certain portion of the estate must be retained for all heirs, adding to uncertainties about Chang Kuo-wei’s eligibility as the sole inheritor.
Media reports last night said that Chang Kuo-wei’s elder brothers, led by Chang Kuo-hua (張國華), had sent a notification to the group’s management team to hold an extraordinary meeting, with an aim to disbanding the team, which is in charge of the group’s operations, in effect stripping Chang Kuo-wei of power.
Evergreen Group last night said it has no comment on the reports.
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