<br />
A<br />
S THE ENEMY WITHIN<br />
How does a family business recover<br />
I from a betrayal?<br />
A BOARDROOM BLITZ<br />
The activist investors shaking global<br />
corporations upside down<br />
HOTELS INDEX<br />
From China to Australia,<br />
we pick the sweetest suites<br />
Wealth Management, Business and Culture Issue 5 $40<br />
Our cover is inspired by our piece on the rise and rise of the electric car (page 86)<br />
<br />
<br />
<br />
<br />
CONTENTS<br />
`Family businesses are always emotional. They're in for an emotional return on the<br />
investment, not just for a financial return, and that's what makes them strong'<br />
WHEN FAMILY BUSINESSES GO WRONG (PAGE 18)<br />
8 Leader<br />
10 From the Founder<br />
William Cash on hacking<br />
12 Editor's Letter<br />
Josh Spero's pick <a title="Spear's Asia (Issue 5) page 1" href="http://viewer.zmags.com/publication/31cf1922?page=1"> A S THE ENEMY WITHIN </a>
<a title="Spear's Asia (Issue 5) page 2" href="http://viewer.zmags.com/publication/31cf1922?page=2"> </a>
<a title="Spear's Asia (Issue 5) page 3" href="http://viewer.zmags.com/publication/31cf1922?page=3"> </a>
<a title="Spear's Asia (Issue 5) page 4" href="http://viewer.zmags.com/publication/31cf1922?page=4"> </a>
<a title="Spear's Asia (Issue 5) page 5" href="http://viewer.zmags.com/publication/31cf1922?page=5"> </a>
<a title="Spear's Asia (Issue 5) page 6" href="http://viewer.zmags.com/publication/31cf1922?page=6"> CONTENTS `Family businesses are always emotional.</a>
<a title="Spear's Asia (Issue 5) page 7" href="http://viewer.zmags.com/publication/31cf1922?page=7"> INSPIRED BY PASSION Villa EXPER</a>
<a title="Spear's Asia (Issue 5) page 8" href="http://viewer.zmags.com/publication/31cf1922?page=8"> CONTENTS 88 JUST OUR F-TYPE TH</a>
<a title="Spear's Asia (Issue 5) page 9" href="http://viewer.zmags.com/publication/31cf1922?page=9"> BORN BY PASSION AMADEO® FLEUR</a>
<a title="Spear's Asia (Issue 5) page 10" href="http://viewer.zmags.com/publication/31cf1922?page=10"> LEADER A S I A BREAK IT. REMAKE IT. </a>
<a title="Spear's Asia (Issue 5) page 11" href="http://viewer.zmags.com/publication/31cf1922?page=11"> </a>
<a title="Spear's Asia (Issue 5) page 12" href="http://viewer.zmags.com/publication/31cf1922?page=12"> FROM THE FOUNDER W </a>
<a title="Spear's Asia (Issue 5) page 13" href="http://viewer.zmags.com/publication/31cf1922?page=13"> Value Redefined ... The First Premium All-Inclusi</a>
<a title="Spear's Asia (Issue 5) page 14" href="http://viewer.zmags.com/publication/31cf1922?page=14"> EDITOR'S LETTER JOSH SPERO T he t</a>
<a title="Spear's Asia (Issue 5) page 15" href="http://viewer.zmags.com/publication/31cf1922?page=15"> </a>
<a title="Spear's Asia (Issue 5) page 16" href="http://viewer.zmags.com/publication/31cf1922?page=16"> Hacked off There are a number of simple steps tha</a>
<a title="Spear's Asia (Issue 5) page 17" href="http://viewer.zmags.com/publication/31cf1922?page=17"> Labour and lunch An article in the Telegraph publ</a>
<a title="Spear's Asia (Issue 5) page 18" href="http://viewer.zmags.com/publication/31cf1922?page=18"> </a>
<a title="Spear's Asia (Issue 5) page 19" href="http://viewer.zmags.com/publication/31cf1922?page=19"> FAMILY BUSINESS // WEALTH MANAGEMENT // LAW </a>
<a title="Spear's Asia (Issue 5) page 20" href="http://viewer.zmags.com/publication/31cf1922?page=20"> THE ISSUES // FAMILY BUSINESS Illustration by Ky</a>
<a title="Spear's Asia (Issue 5) page 21" href="http://viewer.zmags.com/publication/31cf1922?page=21"> I f Peter Thornton had to describe his</a>
<a title="Spear's Asia (Issue 5) page 22" href="http://viewer.zmags.com/publication/31cf1922?page=22"> THE ISSUES // ACTIVIST INVESTING BOARDROOM BLITZ</a>
<a title="Spear's Asia (Issue 5) page 23" href="http://viewer.zmags.com/publication/31cf1922?page=23"> vulnerable to intervention by outsiders. So</a>
<a title="Spear's Asia (Issue 5) page 24" href="http://viewer.zmags.com/publication/31cf1922?page=24"> THE ISSUES // GREEN BUSINESS DOES MONEY GROW ON </a>
<a title="Spear's Asia (Issue 5) page 25" href="http://viewer.zmags.com/publication/31cf1922?page=25"> perhaps surprisingly, wildlife helps limit the sp</a>
<a title="Spear's Asia (Issue 5) page 26" href="http://viewer.zmags.com/publication/31cf1922?page=26"> THE ISSUES // GREEN BUSINESS organisms also</a>
<a title="Spear's Asia (Issue 5) page 27" href="http://viewer.zmags.com/publication/31cf1922?page=27"> THE ISSUES // GREEN BUSINESS </a>
<a title="Spear's Asia (Issue 5) page 28" href="http://viewer.zmags.com/publication/31cf1922?page=28"> THE ISSUES // GREEN BUSINESS </a>
<a title="Spear's Asia (Issue 5) page 29" href="http://viewer.zmags.com/publication/31cf1922?page=29"> THE ISSUES // GREEN BUSINESS </a>
<a title="Spear's Asia (Issue 5) page 30" href="http://viewer.zmags.com/publication/31cf1922?page=30"> THE ISSUES // PRIVATE BANKING IT’S NOT ME, IT’S Y</a>
<a title="Spear's Asia (Issue 5) page 31" href="http://viewer.zmags.com/publication/31cf1922?page=31"> THE ISSUES // PRIVATE BANKING form in downturns</a>
<a title="Spear's Asia (Issue 5) page 32" href="http://viewer.zmags.com/publication/31cf1922?page=32"> THE ISSUES // INNOVATION BLACK TO THE FUTURE Hand</a>
<a title="Spear's Asia (Issue 5) page 33" href="http://viewer.zmags.com/publication/31cf1922?page=33"> THE ISSUES // INNOVATION technology, but they a</a>
<a title="Spear's Asia (Issue 5) page 34" href="http://viewer.zmags.com/publication/31cf1922?page=34"> THE ISSUES // COMMODITIES DIGGING DEEP Demand fro</a>
<a title="Spear's Asia (Issue 5) page 35" href="http://viewer.zmags.com/publication/31cf1922?page=35"> Illustration by Rich Gemmell THE ISSUES // COMMO</a>
<a title="Spear's Asia (Issue 5) page 36" href="http://viewer.zmags.com/publication/31cf1922?page=36"> THE ISSUES // INVESTING SHORT- CIRCUITING The co</a>
<a title="Spear's Asia (Issue 5) page 37" href="http://viewer.zmags.com/publication/31cf1922?page=37"> THE ISSUES // INVESTING Illustration by Phil Won</a>
<a title="Spear's Asia (Issue 5) page 38" href="http://viewer.zmags.com/publication/31cf1922?page=38"> THE ISSUES // MEDIATION CASE DISMISSED Courtroom </a>
<a title="Spear's Asia (Issue 5) page 39" href="http://viewer.zmags.com/publication/31cf1922?page=39"> International wealth management services A dedica</a>
<a title="Spear's Asia (Issue 5) page 40" href="http://viewer.zmags.com/publication/31cf1922?page=40"> THE ISSUES // MEDIATION confidentially, avo</a>
<a title="Spear's Asia (Issue 5) page 41" href="http://viewer.zmags.com/publication/31cf1922?page=41"> </a>
<a title="Spear's Asia (Issue 5) page 42" href="http://viewer.zmags.com/publication/31cf1922?page=42"> THE ISSUES // PRIVATE JETS FLYING HIGH Spear's </a>
<a title="Spear's Asia (Issue 5) page 43" href="http://viewer.zmags.com/publication/31cf1922?page=43"> THE ISSUES // Are more people buying or renti</a>
<a title="Spear's Asia (Issue 5) page 44" href="http://viewer.zmags.com/publication/31cf1922?page=44"> THE ISSUES // TAX THE ASIA ADVANTAGE Recent leg</a>
<a title="Spear's Asia (Issue 5) page 45" href="http://viewer.zmags.com/publication/31cf1922?page=45"> </a>
<a title="Spear's Asia (Issue 5) page 46" href="http://viewer.zmags.com/publication/31cf1922?page=46"> THE ISSUES // TRUST LAW SYSTEM UPDATE The modern</a>
<a title="Spear's Asia (Issue 5) page 47" href="http://viewer.zmags.com/publication/31cf1922?page=47"> QUINTESSENTIAL BRITISH LEATHER GOODS </a>
<a title="Spear's Asia (Issue 5) page 48" href="http://viewer.zmags.com/publication/31cf1922?page=48"> LGT – your private bank in Asia. Hong Kong, Pho</a>
<a title="Spear's Asia (Issue 5) page 49" href="http://viewer.zmags.com/publication/31cf1922?page=49"> HOTELS THE SPEAR’S INDEX From beach</a>
<a title="Spear's Asia (Issue 5) page 50" href="http://viewer.zmags.com/publication/31cf1922?page=50"> AUSTRALIA // EMIRATES WOLGAN VALLEY RESORT & SPA </a>
<a title="Spear's Asia (Issue 5) page 51" href="http://viewer.zmags.com/publication/31cf1922?page=51"> CHINA // KEMPINSKI HOTEL HAITANG BAY SANYA BAY W</a>
<a title="Spear's Asia (Issue 5) page 52" href="http://viewer.zmags.com/publication/31cf1922?page=52"> CHINA // MISSION HILLS · HAIKOU RESORT HEA</a>
<a title="Spear's Asia (Issue 5) page 53" href="http://viewer.zmags.com/publication/31cf1922?page=53"> CHINA-HONG KONG // RITZ-CARLTON, HONG KONG </a>
<a title="Spear's Asia (Issue 5) page 54" href="http://viewer.zmags.com/publication/31cf1922?page=54"> INDIA // UMAID BHAWAN PALACE, JODHPUR ROYAL FLUS</a>
<a title="Spear's Asia (Issue 5) page 55" href="http://viewer.zmags.com/publication/31cf1922?page=55"> JAPAN // PENINSULA TOKYO THE SKY’S THE LIM</a>
<a title="Spear's Asia (Issue 5) page 56" href="http://viewer.zmags.com/publication/31cf1922?page=56"> MALAYSIA // MANDARIN ORIENTAL, KUALA LUMPUR TIME</a>
<a title="Spear's Asia (Issue 5) page 57" href="http://viewer.zmags.com/publication/31cf1922?page=57"> PHILIPPINES // SHANGRI-LA'S BORACAY RESORT & SPA </a>
<a title="Spear's Asia (Issue 5) page 58" href="http://viewer.zmags.com/publication/31cf1922?page=58"> SINGAPORE // MARINA BAY SANDS MARINA’S DIAMONDS </a>
<a title="Spear's Asia (Issue 5) page 59" href="http://viewer.zmags.com/publication/31cf1922?page=59"> </a>
<a title="Spear's Asia (Issue 5) page 60" href="http://viewer.zmags.com/publication/31cf1922?page=60"> VIETNAM // SOFITEL LEGEND METROPOLE HANOI GOOD M</a>
<a title="Spear's Asia (Issue 5) page 61" href="http://viewer.zmags.com/publication/31cf1922?page=61"> </a>
<a title="Spear's Asia (Issue 5) page 62" href="http://viewer.zmags.com/publication/31cf1922?page=62"> Exciting new features like free pro</a>
<a title="Spear's Asia (Issue 5) page 63" href="http://viewer.zmags.com/publication/31cf1922?page=63"> SPEAR'S IS PLEASED </a>
<a title="Spear's Asia (Issue 5) page 64" href="http://viewer.zmags.com/publication/31cf1922?page=64"> “I THINK THE DURATION OF AN HOUR SH</a>
<a title="Spear's Asia (Issue 5) page 65" href="http://viewer.zmags.com/publication/31cf1922?page=65"> FOOD // ART // DESIGN // LUXURY // CULTURE TRAVEL</a>
<a title="Spear's Asia (Issue 5) page 66" href="http://viewer.zmags.com/publication/31cf1922?page=66"> THE ISSUES // PORTFOLIO THE PETER PRINCIPLE Arc</a>
<a title="Spear's Asia (Issue 5) page 67" href="http://viewer.zmags.com/publication/31cf1922?page=67"> THE ISSUES // PORTFOLIO Portrait by Manolo Yller</a>
<a title="Spear's Asia (Issue 5) page 68" href="http://viewer.zmags.com/publication/31cf1922?page=68"> THE ISSUES // PORTFOLIO Dior pictures by Richard</a>
<a title="Spear's Asia (Issue 5) page 69" href="http://viewer.zmags.com/publication/31cf1922?page=69"> THE ISSUES // PORTFOLIO ON HIS STYLE You wo</a>
<a title="Spear's Asia (Issue 5) page 70" href="http://viewer.zmags.com/publication/31cf1922?page=70"> THE ISSUES // PORTFOLIO ON MEDIOCRITY I onl</a>
<a title="Spear's Asia (Issue 5) page 71" href="http://viewer.zmags.com/publication/31cf1922?page=71"> Data Protection: Your personal information and de</a>
<a title="Spear's Asia (Issue 5) page 72" href="http://viewer.zmags.com/publication/31cf1922?page=72"> THE ISSUES // PORTFOLIO </a>
<a title="Spear's Asia (Issue 5) page 73" href="http://viewer.zmags.com/publication/31cf1922?page=73"> ‘‘By far the best wine magazine in the world’’ Ti</a>
<a title="Spear's Asia (Issue 5) page 74" href="http://viewer.zmags.com/publication/31cf1922?page=74"> THE GOOD LIFE // WINE A Case of Mistaken Identity</a>
<a title="Spear's Asia (Issue 5) page 75" href="http://viewer.zmags.com/publication/31cf1922?page=75"> gantly on fine Burgundies and Bordeaux as to inflat</a>
<a title="Spear's Asia (Issue 5) page 76" href="http://viewer.zmags.com/publication/31cf1922?page=76"> ELITE TRAVELER TOP RESTAURANTS Spear's sister </a>
<a title="Spear's Asia (Issue 5) page 77" href="http://viewer.zmags.com/publication/31cf1922?page=77"> RENE REDZEPI FROM NOMA (NUMBER 9) 7 El Celler d</a>
<a title="Spear's Asia (Issue 5) page 78" href="http://viewer.zmags.com/publication/31cf1922?page=78"> ELITE TRAVELER TOP RESTAURANTS </a>
<a title="Spear's Asia (Issue 5) page 79" href="http://viewer.zmags.com/publication/31cf1922?page=79"> ELITE TRAVELER TOP RESTAURANTS EMAIL | reserva</a>
<a title="Spear's Asia (Issue 5) page 80" href="http://viewer.zmags.com/publication/31cf1922?page=80"> Images on this page courtesy Sotheby's; opposite </a>
<a title="Spear's Asia (Issue 5) page 81" href="http://viewer.zmags.com/publication/31cf1922?page=81"> Over the past year, more buyers from these coun- </a>
<a title="Spear's Asia (Issue 5) page 82" href="http://viewer.zmags.com/publication/31cf1922?page=82"> THE GOOD LIFE // CULTURE THE SCORE Could Be</a>
<a title="Spear's Asia (Issue 5) page 83" href="http://viewer.zmags.com/publication/31cf1922?page=83"> THE GOOD LIFE // CULTURE O </a>
<a title="Spear's Asia (Issue 5) page 84" href="http://viewer.zmags.com/publication/31cf1922?page=84"> Walking into a Virgin Megastore in Beiru</a>
<a title="Spear's Asia (Issue 5) page 85" href="http://viewer.zmags.com/publication/31cf1922?page=85"> TOP: ST JOSEPH JESUIT CHURCH HOSTE</a>
<a title="Spear's Asia (Issue 5) page 86" href="http://viewer.zmags.com/publication/31cf1922?page=86"> with (relative) abundance is classical music. </a>
<a title="Spear's Asia (Issue 5) page 87" href="http://viewer.zmags.com/publication/31cf1922?page=87"> Jeanbart takes me through the ins and outs </a>
<a title="Spear's Asia (Issue 5) page 88" href="http://viewer.zmags.com/publication/31cf1922?page=88"> THE GOOD LIFE // MOTORING ELECTRIC DREAMS Bright </a>
<a title="Spear's Asia (Issue 5) page 89" href="http://viewer.zmags.com/publication/31cf1922?page=89"> THE GOOD LIFE // MOTORING ELECTRIC SHOCKS </a>
<a title="Spear's Asia (Issue 5) page 90" href="http://viewer.zmags.com/publication/31cf1922?page=90"> THE GOOD LIFE // MOTORING TYPE WRITER William C</a>
<a title="Spear's Asia (Issue 5) page 91" href="http://viewer.zmags.com/publication/31cf1922?page=91"> THE GOOD LIFE // MOTORING M </a>
<a title="Spear's Asia (Issue 5) page 92" href="http://viewer.zmags.com/publication/31cf1922?page=92"> THE GOOD LIFE // WATCHES A SLIGHT ADVANTAGE Pia</a>
<a title="Spear's Asia (Issue 5) page 93" href="http://viewer.zmags.com/publication/31cf1922?page=93"> THE GOOD LIFE // WATCHES T </a>
<a title="Spear's Asia (Issue 5) page 94" href="http://viewer.zmags.com/publication/31cf1922?page=94"> THE GOOD LIFE // PRIVATE JETS CABIN PLEASURE Wi</a>
<a title="Spear's Asia (Issue 5) page 95" href="http://viewer.zmags.com/publication/31cf1922?page=95"> having such an asset at their disposal: flexibilit</a>
<a title="Spear's Asia (Issue 5) page 96" href="http://viewer.zmags.com/publication/31cf1922?page=96"> THE GOOD LIFE // PROPERTY THE LINKS EFFECT Few </a>
<a title="Spear's Asia (Issue 5) page 97" href="http://viewer.zmags.com/publication/31cf1922?page=97"> WEALTH MANAGEMENT, BUSINESS AND CULTURE: SHARP AN</a>
<a title="Spear's Asia (Issue 5) page 98" href="http://viewer.zmags.com/publication/31cf1922?page=98"> THE GOOD LIFE // TRAVEL </a>
<a title="Spear's Asia (Issue 5) page 99" href="http://viewer.zmags.com/publication/31cf1922?page=99"> Everything about the experience is luxurious, exc</a>
<a title="Spear's Asia (Issue 5) page 100" href="http://viewer.zmags.com/publication/31cf1922?page=100"> THE GOOD LIFE // TRAVEL THE JUNGLE BROOKE An ecc</a>
<a title="Spear's Asia (Issue 5) page 101" href="http://viewer.zmags.com/publication/31cf1922?page=101"> THE GOOD LIFE // TRAVEL </a>
<a title="Spear's Asia (Issue 5) page 102" href="http://viewer.zmags.com/publication/31cf1922?page=102"> THE GOOD SINGAPORE SWING At last, Singapore is m</a>
<a title="Spear's Asia (Issue 5) page 103" href="http://viewer.zmags.com/publication/31cf1922?page=103"> THE GOOD LIFE // TRAVEL CHINATOWN Forget the t</a>
<a title="Spear's Asia (Issue 5) page 104" href="http://viewer.zmags.com/publication/31cf1922?page=104"> THE GOOD LIFE // TRAVEL LITTLE INDIA </a>
<a title="Spear's Asia (Issue 5) page 105" href="http://viewer.zmags.com/publication/31cf1922?page=105"> THE COLUMNS // XXXXXXXXXX Bovet chronograph C</a>
<a title="Spear's Asia (Issue 5) page 106" href="http://viewer.zmags.com/publication/31cf1922?page=106"> THE GOOD LIFE // AT THE SHARP END Balthazar Fabri</a>
<a title="Spear's Asia (Issue 5) page 107" href="http://viewer.zmags.com/publication/31cf1922?page=107"> </a>
<a title="Spear's Asia (Issue 5) page 108" href="http://viewer.zmags.com/publication/31cf1922?page=108"> Daughter. Wife. Business leader. Which comes fir</a>