People who've worked with or are in any other case well-acquainted with Mr. Tan have talked about two things about the person that aren't always terrible characteristics, but might be noticeably elaborate within the wrong surroundings: He is stated to excel at personalizing business relations, and he's described as having a somewhat loose, delegative fashion of management. Again, these are not always flaws and are genuinely exceptional benefits in lots of methods, and sincerely do no longer suggest any guilt on his element in the contemporary scandal.
But they do highlight how a totally potential scenario of the way things broke down at RCBC might have played out. Anyone who has completed commercial enterprise inside the Philippines has had the identical revel in; getting things accomplished is greatly helped by means of ‘understanding the boss,’ who can cut thru a variety of procedural trouble with an insignificant phrase to his subordinates. A sharp operator can take benefit of this; it'd begin with a small favor right here and there—a transaction that is probably just a little bit irregular or on the brink of propriety is smoothed over by means of the president—after which every other, and any other, until soon sufficient, the subordinates don’t even hassle to clear it with the boss, because the patron in query has constantly been advocated.
And then in some unspecified time in the future comes the cash shot, the big and completely off-the-gauge transaction that might raise all types of purple flags somewhere else. It may even make the functionaries uneasy; however because the boss has always cleared this guy, he have to have okayed this, or could besides if asked about it, and in reality, would possibly even get upset if his underlings query the propriety of his ‘appropriate buddy’ once more. And so a lowly department manager, who in another situation would no longer even be near having the authority to clear $81 million well worth of fund actions (as one among my funding banker contacts mentioned, it turned into surely $320 million or more, as the cash moved at least 4 instances), actually pushes it through, believing that it has the blessing of the man on the pinnacle, whilst in fact the person at the top can be completely unaware of it, and might be horrified if he knew.
But they do highlight how a totally potential scenario of the way things broke down at RCBC might have played out. Anyone who has completed commercial enterprise inside the Philippines has had the identical revel in; getting things accomplished is greatly helped by means of ‘understanding the boss,’ who can cut thru a variety of procedural trouble with an insignificant phrase to his subordinates. A sharp operator can take benefit of this; it'd begin with a small favor right here and there—a transaction that is probably just a little bit irregular or on the brink of propriety is smoothed over by means of the president—after which every other, and any other, until soon sufficient, the subordinates don’t even hassle to clear it with the boss, because the patron in query has constantly been advocated.
And then in some unspecified time in the future comes the cash shot, the big and completely off-the-gauge transaction that might raise all types of purple flags somewhere else. It may even make the functionaries uneasy; however because the boss has always cleared this guy, he have to have okayed this, or could besides if asked about it, and in reality, would possibly even get upset if his underlings query the propriety of his ‘appropriate buddy’ once more. And so a lowly department manager, who in another situation would no longer even be near having the authority to clear $81 million well worth of fund actions (as one among my funding banker contacts mentioned, it turned into surely $320 million or more, as the cash moved at least 4 instances), actually pushes it through, believing that it has the blessing of the man on the pinnacle, whilst in fact the person at the top can be completely unaware of it, and might be horrified if he knew.
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