The ongoing feud between the Kwok family at Hong Kong’s biggest property developer, Sun Hung Kai Properties, has come to a head with Walter Kwok’s 79-year-old mother, Kwong Siu-hing, replacing him as chairman of the company. Kwong is the wife of SHKP’s late founder and currently owns just over 41% of the company.
Walter has been on a leave of absence for three months following a disagreement with brothers Thomas and Raymond over who should run the $45 billion company. A rescheduled board meeting was arranged earlier this month to vote on Walter’s removal, but an eleventh hour appeal to the high court prevented the meeting from taking place (click here to read the story in full).
However, the Court of Appeal has now overturned that decision, stating that it was a matter for the company to sort out internally. Walter has subsequently been removed as head of the company and re-designated as a non-executive director.
Walter became chairman of the company in 1990 following the death of his father. His brothers are said to have claimed he was suffering from “bipolar affective disorder” and had tried to get rid of him on mental health grounds. Walter vehemently denies having the disorder and is reportedly suing his brothers for libel.