Thread: NAI Approved
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Old 12-08-2016 | 07:30 AM
  #102  
Flytolive
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Originally Posted by Probe
I am not very smart. The wiki link shows his dad was a chinese school principle. I didn't recognize the name.
Foremost Group
In 1964, after receiving his MBA, Chao founded Foremost Group, a shipping, trading and finance enterprise based in New York where he remains Chairman to this day. Chao has led the global shipping industry in incorporating “greener,” more environmentally friendly designs and technology into his company’s fleet of new vessels, some of the world’s largest bulk carriers. In 2004, Chao was inducted into the International Maritime Hall of Fame at the United Nations in recognition of his long-standing service and dedication to the international maritime trading industry.

In July 2014, it was reported that Chao's Foremost Shipping had 15 ships in its fleet, but construction was underway for an additional 8 capesize bulkers. In August 2014, it was reported that the company engaged in the business practice known in the merchant industry as flag of convenience to limit his U.S. tax liability by flagging its ships in Liberia instead of the U.S.. Foremost was singled out in the story because Chao's son-in-law Senator Mitch McConnell expressed disinterest in July 2014 for limiting a similar controversial business practice known as corporate inversion.
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