Tuesday May 27, 03:51 AM
STOCK ALERT - HK's Sun Hung Kai Props higher ahead of vote on chairman's removal
HONG KONG (XFN-ASIA) - Sun Hung Kai Properties Ltd (0016.HK - news) was higher ahead of a board meeting today that is expected to vote on chairman and chief executive Walter Kwok's removal.
At 10:33 am, the stock was trading up 1.50 hkd or 1.19 pct at 127.20.
Hong Kong's largest developer scheduled a board meeting for 11 am today to decide Walter Kwok's future with the company. Local media reports said he would be dismissed as chairman and CEO of the family-run firm but offered a post as non-executive director.
The board had earlier been scheduled to vote on a motion to remove the chairman on health grounds but had to delay the move when he obtained a temporary High Court ruling in his favor.
Yesterday, the Court of Appeal refused to grant him a permanent injunction, saying it would violate the board's right to decide the company's future.
Walter Kwok, who has been on leave of absence since February, has accused his brothers, vice chairmen Raymond and Thomas Kwok, of falsely asserting that he had a mental disorder and was no longer fit to run the company.
Reports have said a family rift was caused by Walter's involvement with a female friend who was wielding increasing influence over the married tycoon and his firm.
( 1 usd = 7.8 hkd)
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