2A&M Introduction | Aug 2021
A&M: A Global Professional Services Firm
Senior Leadership
▪ 400+ experienced Managing Directors
Dedicated Private Equity Service
Practice
▪ 500+ Private Equity Services Professionals
200+ Mid-cap/Large-cap PE Firms
41% FTSE 100
70% Fortune 100
138+ Industries
Integrated Full-service Solutions
Senior-led Team
Hands-on Approach to Problem Solving /
Value Creation
Strong Operational Heritage
Free from Audit-based Conflicts
OUR PEOPLE OUR CLIENTS OUR DIFFERENTIATORS
65+ OFFICES
25+
COUNTRIES
5,000+
EMPLOYEES
FOUNDED
1983
São Paulo
Latin America HQ
New York
Global HQ
London
Europe HQ
Hong Kong
Asia HQ
3A&M Introduction | Aug 2021
The A&M Difference
Leadership
• Focusing senior resources at every stage of the
delivery process
• Forging consensus around credible, executable
solutions
• Engaging and partnering with your organization
Senior Resource Depth
• Global reach
• Executives drawn from both industry and professional
services firms
• Majority of our professionals (Director grade and above)
have extensive Board-level operational experience
Managing Complexity
• Proven track record in managing complex,
high-profile situations
• Delivery through assured leadership and execution
• Development of strategic and corporate finance options
in cooperation with management to support the
business plan
Speed, Execution and Action
• Focus on delivering rapid results with overarching focus
on improving bottom-line results
• Coordinate short- and medium-term objectives and
credible plans with achievable milestones
Operational Heritage
• Over 30 years of operational experience
• Proven, fact-based approach
• Ability to provide seasoned interim executives for
rapid implementation
Practical Bottom-line Orientation
• Keen awareness of what can be implemented in a
turnaround environment
• Strong focus on improving bottom-line results
• Able to achieve business transformation with
restructuring speed
A&M adds substantial value to any complex situation.
4A&M Introduction | Aug 2021
A&M Global Services
Performance Improvement
Corporate Restructuring
Transaction Advisory, Forensics & Dispute Services
Private Equity Services
● Growth and Revenue Enhancement
● Supply Chain Operations
● Manufacturing Operations and Footprint
● SG&A
● Finance and Accounting
● Information Technology
● Human Capital and Organizational Change
● Merger Integration
● Turnaround Advisory
● Interim and Crisis Management
● Claims Management Services
● Corporate Finance
● Creditor Advisory
● Unsecured Creditor
Committee Advisory
● Fiduciary Services
● Transaction Advisory
● Global Forensic and Dispute
Services
● Tax Advisory
● Valuation Services
● Regulatory and Risk Management
● Corporate Governance
● Executive Compensation
and Benefits
● Due Diligence Services
● Operations and Performance Improvement
● Transaction Tax
● Rapid ResultsTM
● Exit Readiness
A&M brings operating and management expertise combined with top-tier consulting and
specialized industry experience to meet the changing needs of companies and investors
5A&M Introduction | Aug 2021
Deep Industry Expertise
Consumer
Energy
Financial Services
Healthcare
Insurance
Manufacturing
Media &
Entertainment
Public Sector
Real Estate
Software & Technology
Marketing Services
Transportation &
Logistics
Food & Beverage Education Retail & RestaurantsAutomotive & Suppliers
6A&M Introduction | Aug 2021
A&M Asia Overview
OUR CLIENTS
EXPERIENCED SENIOR TEAM
MARKET PRESENCE
▪ Established presence in 2003
▪ Offices in Greater China (Hong Kong, Beijing and Shanghai), India (Mumbai and Delhi), Korea (Seoul) and
Southeast Asia (Singapore)
▪ Experience in serving clients in Australia and Japan
▪ Local and multinational corporations with businesses, operations and supply chains in Asia
▪ Global, regional and local private equity firms investing in Asia
▪ US and European focused private equity firms with portfolio businesses operating in or sourcing from Asia
▪ Distressed funds and hedge funds holding debt issued by Asian companies
▪ Local and international banks lending to Asian businesses
▪ Law firms and their clients
▪ Average of 15+ years of experience
▪ Combination of top-tier consultants, other professional services and line roles (CEO, COO, CRO, CFO)
▪ C-level experience in consumer goods/retail, manufacturing, commercial banking, enterprise software,
transportation and energy
▪ Advisory experience covers private equity, financial services, telecommunications, consumer goods/retail, industrial
products and services, transportation and logistics, energy and resources, automotive and assembly
7A&M Introduction | Aug 2021
A&M Asia Supports Clients in 5 Core Areas
• Portfolio review to identify opportunities and risks across
o Business plan and operating metrics
o Cash and working capital management
o Operations
• Financial and operational performance improvement through:
o Revenue enhancement (pricing, sales & distribution, marketing)
o Cost optimization (direct and indirect costs)
o Operating process efficiency (manufacturing, supply chain operations, finance, information technology, human
resources, etc.)
• Asset efficiency (working capital, cash liquidity, asset optimization)
• Leadership and execution capabilities through advisory and interim roles
Performance
Improvement
• Address short- or medium-term liquidity concerns, stabilize operations
• Design/implement operational restructuring plans, manage communications with stakeholders and employees
• Crisis and interim management to help companies with immediate staffing of critical senior management positions (CEO,
CFO, COO, Chief Restructuring Officer)
• Structure and negotiate optimal asset recovery deals
• Identify and introduce special situation capital solutions needed for a successful turnaround
Restructuring/
Financial
Advisory
• Fraud, bribery, corruption and accounting investigations
• Expert witness and litigation support
• Compliance
• Forensic technology (electronic discovery mgt, data analytics, digital investigations)
• Business intelligence
Disputes and
Investigations
• Financial, tax, operational and commercial due diligence
• 100-day planning and post-merger integration
• Business plan development for exit / carve-outs
Transaction
Advisory
• Support for M&A transactions
o Tax due diligence
o Tax structure planning to improve profit after tax and enable more competitive bidding
• Other tax advisory services
o Tax planning to manage risk in restructuring projects
o Support for internal tax affairs, including business operations, e.g. supply chain management, and transfer pricing
Taxation
Advisory
8A&M Introduction | Aug 2021
Working Effectively in Asia
We have a strong track record of working effectively with Asian businesses to deliver
results across many situations and industry sectors
▪ Teams based throughout Asia with experience in key industry sectors, but more importantly real
operational experience with local companies
▪ Focus on aligning interests across all stakeholders, including local team, management and
shareholders, and also (where necessary) external parties such as suppliers, customers, banks and
specialty financiers.
▪ We mobilize the local management and team to tackle the problem together, and support those
resources to implement the solutions
▪ Holistic approach to problem solving: dive in and work together with frontline staff to better
understand the issues, then pull up to summarize and solve the problems with a higher level
perspective and in a sustainable way
▪ Able to rapidly mobilize the A&M global organization and client relationships as needed to support
clients with global reach
▪ Reference global best practices for insights, but always develop “Best Workable Solutions” tailored
to the local operating environment and stakeholders
▪ Willing to “roll up our sleeves” to get things done and align our fees to the financial impact we deliver
10A&M Introduction | Aug 2021
A&M Service Offering Across The Investment Lifecycle
▪ C-Suite Executives
(e.g., CEO, COO, CFO,
CAO, CMO)
▪ Cash Flow and Working
Capital Management
▪ Cost Efficiency /
Reduction
o Direct Costs
o G&A
o Human Capital
▪ Risk Management /
Insurance Advisory
▪ Supply Chain /
Procurement
o Outsourcing and
Off-shoring
o Leveraged Sourcing
▪ Organization &
Operations Process
Restructuring
▪ Cash and Liquidity
Management
▪ Revenue Enhancement▪ Exit Planning and Execution
o Carve-Out /
Divestiture Advisory
o Corporate Finance
o Exit Tax Advisory
▪ Pre-Exit Financial Advisory
o Capital Structure Redesign
o Securities Renegotiation and
Amendment
▪ Acquisition Identification
and Sourcing
▪ Buy Side Due Diligence
o Commercial Diligence
o Operational Diligence
o Financial Diligence
o Forensics
o Tax Diligence and Tax
Structure Planning
▪ Merger Integration /
Carve-out Planning
o Day One / 100-Day
Plan Development
o Carve-Out Planning
and Execution
o Post Merger
Integration Execution
o PMO Planning
Performance Improvement
EBITDA
ImprovementAsset Efficiency
Interim
Management
Exit SupportDiligence /
Acquisition Support
▪ Sell Side Due Diligence
o Vendor Due Diligence
o Synergy Assessment
o Cost Reduction
Implementation Planning
▪ Operating Functions
(e.g., Supply Chain,
Store Operations,
Sales, Production,
Manufacturing, Field
Operations, Call
Center)
▪ Support Functions
(e.g., Treasurer,
Controller, Tax, HR, IT,
Insurance, Risk)
▪ PMO Support
▪ Leadership Assessment
▪ Capital Expenditure
Assessment
▪ ERP Selection and
Project Management
▪ IT Strategy /
Management
▪ Asset Optimization
o Operating Assets
o Technology Assets
12A&M Introduction | Aug 2021
Data and Information Transfer
Integrated Due Diligence
A&M’s
Integrated
Diligence
Solution
100-day Performance Improvement Plan
Post Investment
Readiness
Corporate and Private Equity Investment Professionals
Business Insights
Financial Operational Tax
Integrated Diligence with a Common Data Platform
Commercial
Our integrated approach combines financial / accounting, tax and operational diligence as
well as SPA review to generate combined insights and guide private equity professionals in
their investment evaluation and underwriting process
14A&M Introduction | Aug 2021
Asia Performance Improvement Leadership Team (1/2)
Jim Dubow
Managing Director, Head of Asia
Hong Kong
• Retail, banking, healthcare and energy
• Interim management, operational
transformation, M&A
• 25 years in China
• Mandarin speaker
Oliver Stratton
Managing Director
Hong Kong
• Consumer & retail, telecom, financial service,
transportation & logistics
• 30+ years experience in strategy, performance
improvement, operational transformation, M&A
• 20 years with Bain, leading relationships with
PE and corporate clients
Larry Wang
Managing Director
Hong Kong / Shanghai
• Automotive and technology
• 20+ years in strategy & operation
consulting
• Ex-McKinsey Automotive practice
Lim How Jit
Managing Director
Shanghai
• Corporate background in
manufacturing, incl. 15-year China &
Asia Pacific P&L experience
• Interim management, turnaround and
performance improvement
• Mandarin, Cantonese, Malay speaker
Myung Chul Kim
Managing Director
Head of Korea
• Heavy industry, shipping, construction,
manufacturing
• 20+ years of experience with
conglomerate control towers in Hyundai
Group & Doosan Group
• Development & execution of company-
wide turnaround / restructuring programs
Victor Du
Managing Director
Shanghai
• Chemical, automotive and manufacturing
• 25+ years in operations improvement and
consulting
• Ex-BCG, A.T. Kearney, Roland Berger and
Ping’an Technology
15A&M Introduction | Aug 2021
Asia Performance Improvement Leadership Team (2/2)
Gao Huan
Senior Director
• Consumer & retail, healthcare
• 15 years experience in interim
management, performance
improvement, M&A, strategy
• Ex-Siemens Mgmt. Consulting
Suresh Dalai
Senior Director
• Consumer & retail
• 20 years experience in interim
management, operational
transformation, performance
improvement
• Ex-Zegna, Levi’s
Sun Chao
Senior Director
• Consumer & retail,
manufacturing, IT
• 18 years in interim
management, performance
improvement, restructuring,
turnaround
• Ex-Welch’s, Hershey’s, and
Hewlett-Packard
Teo Chee Wee
Senior Director
• Manufacturing and healthcare
• 20 years in finance background
(incl. CFO of PE portfolio),
FCPA Australia, Six Sigma
Black Belt
• Ex-GE, Accenture, Danaher
Adam Mokhtee
Director
• Transportation, telecom,
entertainment and financial
service
• 20 years experience in FP&A,
restructuring, M&A, strategy
• Ex-Sprint Nextel, Sony Pictures
Entertainment
Dee Chung
Director
• ITC, consumer electronics, FMCG,
manufacturing
• 15 years of experience in industry
and private equity, restructuring &
turnaround
• Ex-Samsung, LG, BRV Capital
Management (a PE arm of Blue-Run
Ventures, Silicon Valley based VC)
• Ex-Naval Lieutenant
Thomas Wang
Director
• Manufacturing and LEAN
• 18+ years experience in P&L
management, operation,
project management, lean
consulting, etc.
• Ex-Bosch, Jungheinrich
Danfoss, Staufen
Eduardo Gaspar
Director
• Hospitality, Media &
Entertainment, Consumer
Goods, Healthcare
• 8+ years extensive
experience in business
transformation, program
management and cost
reduction in US, Europe and
Asia-Pacific
16A&M Introduction | Aug 2021
Our team has deep functional expertise, hands-on operational experience across the
investment lifecycle, and a bias towards action that has proven successful delivering results
Performance Improvement Drives Value Creation
A&M Private Equity Performance Improvement Scope of Services
Rapid Results Interim Management
Interim roles across the C-suite and within
functional areas
Assess, select permanent leadership
Advise stakeholders to improve operations,
address liquidity monitoring
Technology Optimization
Strategic Sourcing
Assess and implement opportunities to
leverage purchasing spend
Assist portfolio companies aggregate
buying power to achieve significant cost
savings
Integrated and cross-functional program to
review entire businesses
Clear roadmap of opportunities and actions
to improve EBITDA within two to six weeks
Merger Integration
Design and execute “Day One” plans for
integration of businesses, functional
areas and processes
Define and implement “First 100 day”
plans to accomplish critical acquisition
objectives
Working Capital Optimization
Assess and define ideal working capital and
liquidity levels
Implement processes and policies to improve
liquidity, enhance asset efficiency and
strengthen financial controls
Revenue & Margin Growth
Identify sustainable sources of increased
revenues and margin improvement
opportunities
Focus on product portfolio, pricing and go-
to-market levers to increase revenues and
profitability
Capture end to end business process and
assess technology to assure adequate
visibility and controls for PE interest
Concrete findings linked to direct
implications o costs savings, spend and risk.
Operational Cost Reduction
Identify sustainable direct cost reductions
while improving service levels
Focus on S&OP, labor and asset utilization
levers to increase efficiency and reduce
overall costs
SG&A Cost Reduction
Identify overhead efficiencies and reduce
the fixed cost structure of a company
Focus on shared services, outsourcing,
indirect spend and tax levers to reduce
fixed costs
17A&M Introduction | Aug 2021
A&M’s Rapid Results Approach to Value Creation
Our phased solution provides clients with a roadmap and the managerial leadership to
improve EBITDA and cash flow
• Assess key areas:
o Revenue growth & margin management
o Operations management
o G&A efficiency
o Capex / working capital / cash management
o Organization capabilities / processes
• Quantify benefits and required investments
• Develop implementation roadmap & risk
strategies
• Take immediate action on quick hits
• Pilot major initiatives
• Install interim leadership and
managerial assistance, as required
• Project Management Office to oversee
progress and refine strategy, as
required
• Implement and execute
recommendations across entire
organization
• Integrate operational plans into budget
• Track success
• Transfer ownership &
knowledge to client personnel
Key Activities:
• Integrated assessment of current operations
• Operational improvement plan
• Quantified EBITDA / cash improvements
• Rapid execution of operational improvement plan
• Integration of improvement plan into company financials
• Leadership and accountability to deliver forecasted benefits
Key Outcomes:
Develop the Roadmap Drive the ImprovementsAchieve Long-Term
Improvements
Implement Quick Hits /
Pilot Major initiatives
Implement for Sustainable
EBITDA Improvements
Implementation by A&M Team and Client Management
(8-24 Weeks)
Identify and Quantify
Improvements
Rapid Results Assessment
(4-8 Weeks)
18A&M Introduction | Aug 2021
Driving Performance Improvement
A&
M’s
Re
sp
on
sib
ilit
y a
nd
Ac
co
un
tab
ilit
y i
n
Clie
nt’
s O
rga
niz
ati
on
(sp
ee
d to
re
su
lts)
Urgency and Relationship to EBITDA
(timeline, magnitude of change required, availability of resources and
impact on EBITDA)
INTERIM
MANAGEMENT
PERFORMANCE
IMPROVEMENT
TRADITIONAL
CONSULTING
LOW HIGH
ADVISORY
INTERIM
MANGEMENT
THE A&M
APPROACH
Urgency of problem
Complexity of solution
Criticality of measurable benefit
Degree of change required
Degree of client resource gap
Lack of knowledge transfer to
permanent employees
History of past success
A&M willing put fees at risk
Our approach to driving value for our clients is a hybrid of traditional consulting expertise
and problem solving with the hands-on implementation skills of interim management
19A&M Introduction | Aug 2021
Our Implementation Approach
Our integrated team approach encourages client team engagement, capabilities
development and long term ownership of successful implementation
Flexibility in resource deployment for maximum impact and optimal cost – options include:
▪ Implementation by joint teams where A&M takes on ownership of key initiatives and supports other areas
if required
▪ Taking on interim leadership roles (e.g. CEO, COO, CFO) as needed to drive transformation
▪ Provide oversight of implementation – progress tracking, resource coordination, problem-solving, etc. –
through Project Management Office
Active involvement of key stakeholders at all levels throughout engagement
Working alongside management to jointly develop tools, metrics, and implement processes
▪ On-site to facilitate regular dialogue with client team
▪ Leveraging A&M global specialist expertise as required
Sharing methodologies, toolkit and relevant experience throughout project
Training client team at all levels to provide confidence for ongoing implementation
20A&M Introduction | Aug 2021
Recent Performance Improvement Projects in Asia
Operational Assessment Performance Improvement Operational Restructuring
• Review of business to identify opportunities
and risks associated with:
o Business plan and operating metrics
o Cash and working capital management
o Operations
o Asset efficiency
• Financial and operational performance
improvement through:
o Revenue enhancement
o Cost optimization
o Reorganization
o Operation process efficiency
o Working capital efficiency
• Address liquidity concerns, stabilize operations
• Design / implement operational restructuring plans,
manage communications with stakeholders
• Crisis and interim management to help with
immediate staffing of critical senior management
positions
• Structure / negotiate optimal asset recovery deals
• Leading fitness equipment brand • Global fast fashion retailer in China • Chinese plantation and wood trading company
• Chinese furniture manufacturer • China leading sports apparel retailer • Chinese flooring, cabinet and veneer manufacturer
• Chinese restaurant chain • Mother and baby care retailer • Bathroom fittings manufacturer
• Precision components producer • B2B service company • Chinese restaurant chain
• Mother and baby care retailer • Global water filtration company • Global wind blade manufacturer
• US sourcing company • Chinese luxury auto dealership • US listed Chinese chemical manufacturer
• Marine equipment manufacturer • Global office supplies businesses • Chinese toy manufacturer
• Chinese fashion group • Chinese highway construction company • Automotive leather components supplier
• English language education institution • European apparel retailer • Ship manufacturer / commodity trader
• Jewelry manufacturing and retailing company • Healthcare services provider • European rubber conveyer belt manufacturer
• European semiconductor manufacturer • Agricultural processing company • US chemical tanks and catalyst bins provider
22A&M Introduction | Aug 2021
Asia Transaction Advisory Group Leadership Team
Why A&M Asia?
▪ Dedicated transactions services professionals from the Big 4 with in-
depth China and cross-border transaction experience.
▪ Comprehensive knowledge of investing environment in China and Asia
▪ Integrated approach to due diligence combines best in class financial,
tax and commercial due diligence with the firm’s world-class operational
expertise, enabling investors/purchasers, vendors, lenders or
shareholders to quickly achieve their investment objectives.
▪ Pricing flexibility to adopt deals abort/success fee arrangements.
▪ Deep sector expertise across a broad range of sectors and verticals.
▪ Free from audit based conflicts.
▪ Senior led teams
Xuong Liu
Managing Director
Transaction Advisory Group
• 20 years of experience
• Specializes in transaction services
including financial due diligence,
SPA assistance, closing balance
sheet and purchase price
adjustment reviews
Richard Chen
Managing Director
Transaction Advisory Group
• 15+ years of experience
• Specializes in buy-side and sell side financial
due diligence covering a wide range of sectors
including consumer goods and retail, industrial
products and services, transportation and
logistics, energy and resources, software and
services, and media
Financial Due Diligence Tax
▪ Drivers of historical revenue
and profitability
▪ Normalized EBITDA
▪ Net debt / working capital /
cash flows
▪ Identification of contingent /
off-balance sheet liabilities
▪ Robustness of balance sheet
▪ Related party transactions
▪ Tax due diligence review
▪ Tax structuring assistance, including
pre- and post-deal restructuring
planning
▪ Cash trap and repatriation analysis
▪ Indirect transfer tax analysis
▪ Transaction document assistance
▪ Tax model assumptions review
▪ Transfer pricing study and analysis
Yvette Chan
Managing Director
Transaction Tax
• 14 years of experience
• Specializes in China and Hong Kong
taxation with regard to tax due
diligence, tax modeling review,
transaction structuring and devising
tax efficient strategies
23A&M Introduction | Aug 2021
Over 250 Transaction Advisory professionals globally
19 Offices Globally – “Boots on the Ground” in:
DEDICATED GLOBAL
PRACTICE INTEGRATED DILIGENCE
APPROACH
DEDICATED INDUSTRY VERTICAL
AND SUBJECT MATTER EXPERTS
DEDICATED RELATIONSHIP
MANAGEMENT
Global Transaction Advisory Group Overview
Over 500 Global Transaction Advisory professionals focusing on
financial and tax due diligence inclusive of over 50 partners
All ex-Big Four CPA’s and chartered accountants
Integrated diligence approach
Deep industry and subject matter expertise
Presence in 25 offices globally – “Boots on the Ground” in:
▪ Nine United States locations
▪ Two Latin America locations
▪ Eight Europe locations
▪ Two India locations
▪ Four Asia locations
24A&M Introduction | Aug 2021
A&M Taxand: A Global Tax Practice
A GLOBAL ORGANIZATION OF TAX ADVISORS
▪ Our global tax practice and network provides high quality, integrated tax advice worldwide. Our tax
professionals, more than 500 tax partners and over 2,500 tax advisors in 50 countries - grasp both
the fine points of tax and the broader strategic implications, helping mitigate risk, manage tax burden
and drive business performance.
▪ Our firms share knowledge and provide clients with seamless access to tax advisers in countries
around the globe.
▪ We are independent, ensuring that clients adhere both to best practice and to tax law and that we
remain free from time consuming, audit based conflict checks. This enables us to deliver practical
advice, responsively.
▪ We are the largest provider of global tax services outside the Big Four.
A&M OFFERS A FULL SERVICE TAX PRACTICE
▪ We have over 40 Managing Directors and 220 professionals located in the U.S., the UK., Asia, and
Latin America.
▪ We provide tax advisory and compliance services throughout the full lifecycle of an organization to
mid-market, private equity funds, larger corporate, global clients without audit-based conflicts of
interest. Our services include:
Federal Tax State and Local International
Compensation and Benefits Research Credits and Incentives Mergers and Acquisitions
Transfer Pricing Sales and Use Private Client Services
25A&M Introduction | Aug 2021
Tax Capability throughout the M&A Lifecycle
TAX OFFERINGS
Funds formation • Design a tax effective fund and management structure
• Advise on carried interest
• Obtain applicable financial and tax incentives
• Review legal documents to ensure proper tax language is in place
• Advise on operational model to ensure the tax positions are supportable
Investment tax structureplanning
• Advise on pre-deal restructuring
• Design and advise on tax effective investment and financing structures
Tax due diligence • M&A tax due diligence
• Assistance in deal negotiation
• Review legal documents to ensure proper tax protection is obtained
• Assistance in building underwriting model and valuation
Post-deal integration • Post-deal tax improvement and risk management
• IP planning and supply chain management
• Post-deal restructuring advice and implementation
Exit planning • Vendor tax due diligence and assistance in deal negotiation
• Exit tax planning
• Regulatory, tax and foreign exchange compliance assistance
“We leverage insights cultivated through experience and deliver high value-added tax advisory
services on M&A transactions and business restructure activities”
27A&M Introduction | Aug 2021
Asia Financial Advisory Leadership Team (1/2)
Ron Thompson
Managing Director
Hong Kong
• 30 years of experience in finance,
credit, special situation investment
and restructuring in Asia; previously
Chief Credit Officer of Standard
Chartered Bank with deep knowledge
of China credit market
• Multiple restructurings, operational
turnaround, special situation
investment across different industries
Tiffany Wong
Managing Director
Hong Kong
• 20+ years of experience in
restructuring and insolvency in
multiple jurisdictions
• Led various high profile onshore and
cross-border restructurings as the
administrator, provisional liquidator or
liquidator
Eddie Middleton
Managing Director
Hong Kong
• Long and distinguished career (20
year+) in the insolvency and
restructuring industry
• Former co-head of Houlihan Lokey’s
Asia Financial Restructuring Group
and head of KPMG China’s
Restructuring and Insolvency practice
James Hooper
Senior Director
Hong Kong
• 13+ years of financial restructuring
experience in Hong Kong, China,
Southeast Asia and Australia
• Extensive experience in business
reviews, developing and critiquing
business and restructuring plans
Kitty Yeung
Senior Director
Hong Kong
• More than 20 years experience in
different natures of insolvency and
restructuring engagements.
• Experienced appointment taker under
different jurisdiction
Carmen Yeung
Senior Director
Hong Kong
• 13 years of experience in both in-
court and out-of-court restructurings
across HK, China and Southeast Asia
• Worked on multiple restructurings in
China which involved discussion and
negotiation with onshore stakeholders
and coordination of creditors
committee
Weijing Li
Senior Director
Hong Kong and Shanghai
• Extensive experience in structured
finance, corporate finance and
financial restructuring with a China
focus
• Previously Head of Structured
Finance and Capital Market of a
state-owned AMC, well connected
with onshore and offshore Chinese
investment and banking community
Don Deng
Senior Advisor
Beijing
• 15+ years experience of onshore
financial restructuring, debt collection
and NPL investments
• Experienced in onshore relationship
management and due diligence in
complicated situation with significant
limitations
• Extensive experience in
steering/coordinating onshore
creditors committees and working
with administrators
Theodore Macri
Senior Advisor
Hong Kong
• Over 30 years of experience in
restructurings and turnarounds
globally as both an investor and
consultant
• Ex managing director of the the
Strategic Investment
Group/Distressed Products Group in
Deutsche Bank
Ben Hsiao
Senior Director
Shanghai
• 25+ years of commercial banking
experience, incorporating over 20
years engagement with non-
performing loan management and
corporate debt restructuring.
• Previously Head of Special Asset of
Standard Chartered Bank for 13
years.
28A&M Introduction | Aug 2021
Asia Financial Advisory Leadership Team (2/2)
Joshua Taylor
Managing Director
Singapore
• 20+ years of experience in corporate
restructuring and insolvency, practicing in
Singapore, Australia and the Cayman Islands.
• Managed the Judicial management of several
companies, in the shipping, healthcare sectors
• Formal insolvency appointments included a real
estate development in Indonesia, a Singapore
listed company and other irregular transactions
Charles Evans
Senior Director
Singapore / Indonesia
• 16+ years of experience in distressed investing,
restructuring and investment banking in Asia and
Australia, and has worked across several
industries
• Acted as Chief Restructuring Officer for
companies, including for a Singapore listed hotel
REIT with assets in the US
• Charles is conversant in Bahasa Indonesia
Steffi Thio
Senior Director
Singapore
• 20+ years of experience in credit approval and
portfolio management
• Has a successful track record of delivering risk
targets throughout macroeconomic cycles for
both loan loss and loan recoveries. Has worked
at Standard Chartered Bank, HSBC and GE.
• Approved credit facilities and managed a wide
range of credit portfolios, including a USD1.5b
commodity corporates portfolio, USD1.2b
alternative finance for consumer
Rajan
Director
Singapore
• 11+ years of experience assisting clients in
navigating through distressed situations and
realizing value from insolvent companies for the
benefit of creditors
• Led liquidations and investigations of many
companies in Singapore, including Obike Asia,
China Sinosteel, Serrano Holdings
Chew Ee Ling
Director
Singapore
• 21 years of experience in corporate restructuring
and insolvency, for public and private companies
in Singapore and China
• Also worked in China for 4 years with a Big-Four
firm. Involved in the first and successful debt
restructuring of two wholly owned subsidiaries of
a company listed in Taiwan under the new PRC
Enterprise Bankruptcy Law
Noviyanti Sari
Senior Manager
Singapore / Indonesia
• 9+ years of experience in corporate finance,
insolvency and investigations practice
• Contributed in many liquidation appointments,
including timber company involved in trade
finance fraud, construction company, car rental
company, shipping group, Indonesian F&B
company
• Fluent in English, Bahasa Indonesia and Bahasa
Malayu
Trisha Ng
Manager
Singapore
• 4+ years of experience in experience in
restructuring, corporate finance and
transaction advisory engagements
• Has contributed in several high profile
restructuring including listed Oil and gas
company Ezion, marine offshore ASL,
renewable energy company, engineering
services company Hiap Seng
Budi Mulyana
Senior Director
Indonesia
• 15+ years of experience in investment banking,
investment management, leveraged finance,
lease finance, turnaround and restructuring,
across a wide array of sectors
• Has raised bank financing and restructured debt
for numerous companies in Asia during his
tenure with Bear Stearns, DBS Bank, CVC
Capital and ORIX Corporation.
• Substantial experience in origination and
execution of LBO, Mezzanine financing and
bond issuance and exchange offer transactions
29A&M Introduction | Aug 2021
Scope Benefits
▪ Assess a company’s creditworthiness and provide an objective early view
to creditors during the early alert stage
▪ Complimentary independent opinions at early alert stage
▪ Form strategy before situation deteriorates
▪ Financial analysis of historical and current trading and cash flows
▪ Review of Management’s business and restructuring plans
▪ Review profitability and operational efficiency of business processes,
product portfolio, and routes to market
▪ Understand the current situation
▪ Fact based analysis to support development of options and
recommendations
▪ Immediate opportunities identified for implementation
▪ Determine cost reduction initiatives and identify other areas of operational
improvement, including working capital and cash flow
▪ Develop turnaround plan
▪ Identify implementation risks and develop mitigation measures
▪ Quickly identify and implement high impact opportunities for
EBITDA and cash flow improvement
▪ Bring in objective and comprehensive opinions and analysis
▪ Serve in an advisory or interim management capacity (CRO / CTO / CEO /
CFO) to drive execution of the turnaround plan
▪ Manage communications process with difference stakeholders
▪ Lead restructuring planning and administration, if needed
▪ Leadership, objectivity, and expertise required to achieve the
optimal outcome
▪ Reduced lead-time for implementing turnaround initiatives
▪ Mitigate negative effects of executive attrition
▪ Track performance and regularly report to Lenders
▪ Cash monitoring and/or management (if appropriate)
▪ Gain visibility of progress and outcome
▪ Allow early correction, if required
▪ Support lenders or company through discussions / negotiations in a
financial restructuring
▪ Evaluate various options and actively lobby to reach an agreement to
maximize overall value and which is equitable to all stakeholders
▪ Comprehensive financial analysis to facilitate negotiation and
support the lender group’s decision-making process
▪ Management of the lender group to reach consensus
▪ Identify key value drivers of the portfolio and recommend sale strategy
▪ Target the right investors
▪ Design a tailored and tightly run sale process
▪ Leverage A&M’s deep relationship with global investor
community
▪ Minimize execution risk through identifying and addressing key
deal issues up front
▪ Act as court-appointed liquidator or receiver to wind down business,
realize value in assets and make distribution to creditors
▪ Often as last resort to pursue recovery for creditors where
rescue is not feasible
▪ Value preservation in case of a provisional liquidation in common
law jurisdictions
Financial Advisory Services
Independent
Business
Review
Turnaround
Advisory
Turnaround
Execution
Ongoing
Monitoring
Financial
Restructuring
Loan / Portfolio Sales
2
3
4
5
6
7
Preliminary
Credit Review
1
Formal Insolvency Approach
8
30A&M Introduction | Aug 2021
Corporate Finance Advisory
Loan/Portfolio Sales
• Integrated into every Corporate Restructuring assessment
• Identifying capital needs and accessibility throughout the corporate recovery and performance improvement timeline
o Provides targeted solutions to improve performance and avoid the need for a restructuring
o Practical and actionable advice regarding non-core asset sales
o Identifies capital necessary to improve the chances of a successful normalization of operations and turnaround
o Recommends near term opportunities for post-restructuring debt or equity capital to enhance performance of the reorganized company
• Provides discreet access to targeted local, regional and international specialty capital providers
• SFC Registered entity
• Interests are aligned to identify the best capital option for the needs of the borrower
• Team includes professionals from international banks, hedge funds, and private equity experienced in turnaround and special situations underwriting
32A&M Introduction | Aug 2021
Asia Disputes and Investigations Leadership Team (1/2)
Keith Williamson
Managing Director & Head of Disputes
and Investigations, Hong Kong
• 20+ years of forensic and
investigative accounting experience
• Specialises in investigations of fraud,
corruption (US FCPA/UK Bribery Act)
and regulatory issues, asset tracing
and recovery, and litigation support.
Davin Teo
Managing Director
Hong Kong
• 20+ years experience in forensic
technology, digital investigations and
electronic-discovery matters.
Chris Fordham
Managing Director
Hong Kong
• 20+ years in forensic investigations,
financial crime, regulatory,
insolvency and restructuring matters
Trevor Dick
Managing Director
Hong Kong
• 20+ years in expert accounting
testimony for contentious matters
on business interruption claims,
investor disputes, business
valuations and financial
investigations
Jacky Lo
Senior Director
Hong Kong
• 13 years of experience in forensic
accounting, statutory auditing,
employee misfeasance, fraud risk
assessments, anti-bribery & corruption
risk assessments and quantum dispute
resolutions
Shannon Tong
Senior Director
Hong Kong
• 18+ years in forensic investigative,
expert witness and litigation
support. Specialises in commercial
fraud, shareholder and joint venture
disputes, loss of profit claims, asset
tracing and matrimonial matters.
Irene Siu
Senior Director
Hong Kong
• 20+ years of forensic accounting, expert
witness and litigation support
• Specialises in fraud investigation, asset
and fund flow tracing, fraud risk
assessments, damages and quantum
assessments, shareholders and family
disputes, matrimonial disputes
Frankie Leung
Managing Director
Shanghai / Hong Kong
• 20+ years in forensic accounting
and investigation matters, FCPA
reviews, and compliance
assessments
33A&M Introduction | Aug 2021
Asia Disputes and Investigations Leadership Team (2/2)
Alice Cheung
Director
Hong Kong
• 14 years forensic and investigation experience,
including 4 years AML experience with BlackRock
and Standard Chartered Bank
• Specialises in investigations of fraud, bribery and
corruption (FCPA/UK Bribery Act), AML and
sanctions review, financial crime compliance
review and institutional risk assessment
Matt Lan
Director
Hong Kong
• 15+ years experience in eDiscovery for
litigation or investigation and large-scale
public commission of inquiry
Jay Kim
Director
Hong Kong
• 14+ years experience in data analytics for
investigations and litigation matters
• Expertise in developing data visualizations,
data warehouse solutions and management
reporting
Eden Chen
Senior Director
Hong Kong
• 8+ years experience in digital investigations
and electronic discovery matters
• Expertise in fraud investigations, misconduct
investigations, intellectual property theft
investigations, dispute matters, and data
recovery in China
Kiyoung Nam
Director
Hong Kong
• 8+ years experience in litigation support
and investigations
• Expertise in eDiscovery project
management for cross-border litigations,
international arbitrations, and corporate
investigations in Korea
Henry Chambers
Senior Director
Hong Kong
• 8+ years of experience in forensic accounting
and investigation assignments
• Specialises in fraud investigations, accounting
misstatement, damages calculation and
breach of contract disputes
34A&M Introduction | Aug 2021
Disputes and Investigations Practice
We confront your challenges, protect your interests and provide you with solutions that
bring long-term value
▪ A diverse group of seasoned experts in major markets and
financial centres throughout the world
▪ Preeminent financial, accounting, economic, regulatory,
industry and technical experience
▪ Deep skills and experience in litigation consulting,
business investigations, accounting crises, forensic
technology, and expert testimony
▪ Unique ability to articulate complex findings in a clear and
meaningful manner
OUR EXPERTISE
▪ Disputes
▪ Investigations
▪ Compliance and Anti-corruption
▪ Forensic Technology
▪ Applied Data Analytics
▪ Cyber Risk Services
▪ Financial Crimes and Investigations
OUR TEAM
▪ Certified Public Accountants / Certified
Management Accountants / Chartered
Accountants /
Forensic CPAs
▪ Certified Fraud Examiners
▪ Chartered Financial Analysts
▪ Certified Anti-Money Laundering
Specialists (CAMS)
▪ PhD economists
▪ Forensic technology specialists
▪ Valuation professionals
▪ Banking and securities professionals
▪ Former Big Four partners and staff
▪ Former C-Suite executives
▪ Former SEC, CFTC, Financial Conduct
Authority / Prudential Regulatory
Authority and Office of the Comptroller of
the Currency professionals
▪ Former Military Officers and Federal
Special Agents
▪ Federal Prosecutors
A&M’s Disputes
and Investigations
professionals draw
on their deep skills
and experience in
litigation
consulting,
business
investigations,
forensic
technology and
expert testimony
to provide clients
with the solutions
they seek to
achieve their
goals.
35A&M Introduction | Aug 2021
Disputes Expertise
We help resolve complex matters posing a threat and disruption to normal operations
when your bottom line and reputation are at risk
Purchase Price
Disputes
▪ Calculating economic
damages
▪ Determining the value of
stock options and other
financial instruments
▪ Calculating damages in
antitrust matters
▪ Business valuation
▪ IP valuation
▪ Analysis of class action
claims
▪ Analysis of property value
diminution (PVD) claims
including regression and
sales trend analyses
▪ Valuing contaminated
property
▪ Reviewing opposing
experts’ reports and
preparing rebuttal reports
▪ Providing expert witness
testimony
Damages Calculation
and ValuationBusiness Interruption
International
Arbitration
Real Estate and
Environmental
Economics
▪ Preparing the closing
balance sheet or earn-out
statement
▪ Identifying or defending
potential objections to the
closing balance sheet or
earn-out statement
▪ Negotiating the post-closing
adjustment
▪ Serving as an arbitrator
▪ Preparing arbitration
submissions
▪ Contract compliance
▪ Providing expert testimony
in the related arbitration
or trial
▪ Advising clients in the
preparation and review
of claims
▪ Objectively measuring
losses and other potentially
disputed financial measures
▪ Assisting to maximize
insurance and
governmental recoveries
▪ Serving on appraisal panels
▪ Providing expert testimony
as applicable
▪ Preparing discovery
requests
▪ Preparing damages
calculations and expert
reports
▪ Reviewing opposing
experts’ reports and
preparing rebuttal reports
▪ Providing expert testimony
▪ Serving as special masters
▪ Serving on arbitration
panels
▪ Environmental insurance
claims
▪ Property value diminution
claims
▪ Analysis of class action
certification issues
▪ Remediation cost allocation
claims
▪ Regulatory fines and
penalties – EPA BEN and
ABEL models
▪ Wrongful death, personal
injury and medical
monitoring claims
▪ Estimation of toxic tort
liabilities – Asbestos,
Silicosis, CWP, etc.
▪ Natural resource damage
claims
▪ Settlement structure
development and analyses
▪ Settlement administration
36A&M Introduction | Aug 2021
Investigations and Forensic Accounting
We confront your challenges, protect your interests and provide you with solutions that
bring long-term value to help resolve complex matters posing a threat and disruption to
normal operations
Independent Investigations
Working together with an organization’s external counsel or board of directors, our experts interview key employees, analyze accounting records and policies to identify key issues and assess the impact of litigation, compliance with regulations, valuation and solvency related issues
Reporting
Our team is experienced in interacting with regulators, external auditors during an investigation and presenting our findings to boards of directors, special committees and management.
Investigation Services• Accounting Irregularities
• Asset Tracing and Recovery
• Bankruptcy Fraud
• Bribery Laws
• Embezzlement of Funds
Forensic Accounting Services• Accounting Reconstruction
• Audit Preparation
• Complex Accounting and Reporting Issues
• Financial Restatements
• Purchase Price Disputes
• Diversity and Inclusion policy assessment
• FCPA Compliance
• Receiverships and Monitoring
• Regulatory Compliance and Enforcement
• Securities Matters
• Tax Controversy
• White Collar Crime / Criminal Allegations
Forensic Accounting Expertise
▪ We assist outside Counsel, Boards of Directors, Audit
Committees, Special Committees, Fiduciaries
(Examiners, Monitors, Trustees) and Management of
Private and Public Companies
▪ Preeminent financial, accounting, economic, regulatory,
industry and technical experience
▪ Deep skills and experience in litigation consulting,
business investigations, accounting crises, forensic
technology, and expert testimony
▪ Unique ability to articulate complex findings in a clear and
meaningful manner
A&M’s Investigation Service
Forensic Accounting
Our experts perform large complex investigations and apply relevant authoritative standards in determining if an organization’s financial reporting may be inaccurate or misleading.
37A&M Introduction | Aug 2021
Our Team’s Role Across the Life of an Investigation
A&M investigations are characterized by a surgical approach to scope development and
project execution with a focus on efficiency of work and a targeted approach
Investigation Lifecycle
▪ Collaborative, commercial and reasonable
approach to development of project scope
▪ Identify and target red flags to hone in on
suspected unusual or fraudulent activity
(if relevant)
▪ Focused document collection review on the
points at issue
▪ Use of internal corporate information sources,
internal systems data and publicly available
information, including social media reviews
if relevant
▪ Conducting interviews of people in multiple
languages
▪ Expert data-mining and use of technology to
interrogate systems and achieve targeted and
efficient retrieval of data
▪ Use of A&M industry experts where beneficial
to provide a detailed understanding of
situations under review
Information Gathering Information Analysis Reporting of Findings
▪ Ongoing re-evaluation of strategy and
consideration of scope based on interim
findings (i.e. adapt continuously)
▪ Link key facts and documents to evaluate,
support or refute suspicions or allegations
▪ Where appropriate, conduct pattern analysis to
identify accounting or other irregularities and
the assessment of impact on
financial statements
▪ Understanding and communicating
ramifications of issues arising within the
context of the investigation – and liaison with
legal / regulatory experts (if needed)
▪ Tracing of misappropriated assets through
analysis of complex financial and
economic data
▪ Collaboratively working with in-house teams
with continuous informal communication
of progress
▪ Articulating findings quickly in clear, concise
language that is easily understood by all
parties
▪ Presenting to senior management or other key
stakeholders on findings
▪ Preparing detailed written reports when
required
▪ Assistance in assessing the need and scale of
potential accounting restatements whilst
working with requirements of external auditors
▪ Identifying areas in need of remediation,
recommending preventative controls, and
assisting in implementation
▪ Making assessments of culpability, where
relevant and providing calculations of quantum
of loss or damage
▪ Written and oral testimony in legal proceedings
where required
38A&M Introduction | Aug 2021
Compliance and Anti-Corruption Expertise
The cost of non-compliance has never been higher and the risks have never been greater.
Safeguarding your operations and reputation is our top priority. Providing the effective corruption
controls frameworks you need, from our professionals who know what it takes to comply
Anti-corruption
consulting
Compliance and
monitoring
Financial crimes
and anti-money
laundering
We work with leadership and line managers to satisfy regulatory
agencies’ demands. Our professionals are experienced in
serving as independent monitors, assisting monitors to fulfill
their responsibilities and helping companies respond to
a monitor.
Given the multijurisdictional nature of anti-corruption violations
and investigations, A&M’s global team leads internal
investigations designed to strengthen systems that
promote compliance.
We address the challenges associated with Bank Secrecy Act
(BSA) / anti-money laundering (AML) compliance. We navigate
compliance risk management and AML remediation projects.
OUR SERVICES
▪ Evaluate compliance with anti-corruption provisions
of the FCPA, UK Bribery Act and other statutes
▪ Assist with SEC / DOJ and other regulatory and law
enforcement inquiries (and experience working with,
and presenting to, the SEC, DOJ, U.K.
Serious Fraud Office and other international
regulatory bodies)
▪ Identify, assess and remediate internal control
weaknesses and provide technical accounting
services
▪ Investigate alleged violations through our forensic
accounting, forensic technology and corporate
intelligence services
▪ Complete in-country corruption audits of business
units, joint venture partners and third parties
▪ Conduct third-party due diligence on vendors, agents
and intermediaries
▪ Investigate allegations made by employees,
whistleblowers and government agencies
▪ Respond to regulatory consent orders to
provide structure and support for the project
management office
▪ Analyze, manage and execute historical
transaction reviews
39A&M Introduction | Aug 2021
Forensic Technology Services
We are skilled in the most advanced tools and techniques to quickly and accurately
identify, analyze and interpret large volumes of information
A&M’s forensic technology expertise:
Experts
Combining Forensics
Expertise with Industry
Experience
Procedures
Auditable, Repeatable
and Defensible
Technology
Industry Leading
Technology
Bespoke solutions to fit your needs.
Since every case is unique, our team includes
senior forensic technologists, information security
specialists and investigators who bring expertise
in computer science and information systems and
an appreciation of how technology is best utilized.
We offer a range of centralized processing and
hosting solutions around the world, as well as
“field kits” to ensure your short and long-term
requirements are met. We meet your key
business objectives by managing the security,
confidentiality, integrity and availability of
electronic information.
Our experts also have significant experience
testifying and presenting expert evidence. We use
our findings to generate comprehensive reports
for investigations, regulatory enquiries and
dispute related matters.
Data Analytics
Leveraging data to enable insightful decision-making and business transparency
Electronic Disclosure/Discovery
Ensuring the defensible satisfaction of our clients’ preservation and discovery obligations
Digital Investigations
Defensibly tracing the digital footprints of internal and external threats
Cyber Risk Services
Protecting the privacy of your customers and your intellectual property
40A&M Introduction | Aug 2021
Disputes and Investigations – Industry Recognition
Our Disputes and Investigations team has been recognized by numerous publications as being
leading experts across a variety of fields of service related to disputes, litigation and investigations
WWL 2020:
✓ Arbitration
✓ Asset Recovery
✓ Consulting Experts
✓ Data
✓ Digital & Data – eDiscovery &
Digital Forensics
✓ Energy
✓ Financial Advisory & Valuation
✓ Forensic Accounting
✓ Investigations
✓ Litigation
WWL Thought Leaders 2020:
✓ Arbitration
✓ Global Elite
✓ Global Investigations
WWL Countries 2020:
✓ Canada
✓ France
✓ Germany
Chambers and Partners 2020:
✓ Forensic Accounting
Chambers and Partners 2020:
Band One:
✓ eDiscovery (UK)
✓ Forensic Accounting (UK)
Band Two:
✓ Economic Analysis (Global)
2020 Global Investigations Review 100:
✓ Top 100 Firm for Cross-Border Investigations
2020 Global Arbitration Review 100:
✓ Power Index Top 10
Practice-wide recognition Individual expert recognition
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