Top HK developer Sun Hung Kai's board ousts chairman
The board of Hong Kong's top developer, Sun Hung Kai Properties, ousted company chairman Walter Kwok as a family power struggle convulsed one of the city's most respected blue-chip firms.
By Agencies |
HONG KONG: The board of Hong Kong's top developer, Sun Hung Kai Properties, ousted company chairman Walter Kwok on Tuesday as a family power struggle convulsed one of the city's most respected blue-chip firms.
Kwok, who has taken a leave of absence since Feb. 18, has accused younger brothers Thomas and Raymond of trying to have him dismissed without legal basis, but a Hong Kong court on Monday rejected his bid to block a vote by the board. Their mother, Kwong Siu-hing, 79, will take Walter Kwok's place, the firm said in a statement.
Sun Hung Kai shares climbed 1.3 percent in the morning, following a 1.8 percent gain on Monday. But they had shed a tenth of their value since the start of the month, as the Kwoks' increasingly acerbic battle made newspaper headlines.
Kwok, who has taken a leave of absence since Feb. 18, has accused younger brothers Thomas and Raymond of trying to have him dismissed without legal basis, but a Hong Kong court on Monday rejected his bid to block a vote by the board. Their mother, Kwong Siu-hing, 79, will take Walter Kwok's place, the firm said in a statement.
Sun Hung Kai shares climbed 1.3 percent in the morning, following a 1.8 percent gain on Monday. But they had shed a tenth of their value since the start of the month, as the Kwoks' increasingly acerbic battle made newspaper headlines.
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