Top HK developer Sun Hung Kai’s board ousts chairman

Top HK developer Sun Hung Kai’s board ousts chairman

 

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.

 

Mr 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 per cent in the morning, following a 1.8 per cent 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. — REUTERS

 

Source: Business Times

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