ABSTRACT

In Chapter 6, we have illustrated how Fong developed the retail business of FBL and transformed the company into one of the largest local jewellery retailers in the early 1990s. Since 1998, the Fong family and FBL, however, have gone through a series of crises. First, the company faced a serious financial crisis that endangered Fong’s control over his company. Then, Fong was ordered to declare bankruptcy. Later, the senior management of FBL including Fong and his son, Jackson, were arrested, prosecuted, and sentenced to prison. Within a decade, FBL had gone from a reputable brand into a failing company on the brink of collapse.