A BILLIONAIRE Hong Kong developer may face a vote to oust him as chief executive of his own firm on “mental health” grounds.
Sun Hung Kai Properties’ (SHKP) chief executive officer, Mr Walter Kwok, has failed in a court bid to block the firm’s directors from holding a meeting to decide on his role.
“Whether to remove the chairman and chief executive is a matter for the board of the company to decide,” Justice Kwan said in Hong Kong’s High Court yesterday.
“I have no reason to question why the directors will not vote in accordance with the best interests of the company.”
Mr Kwok last week won a temporary injunction to stop a SHKP board meeting his brothers Thomas and Raymond had scheduled to vote on removing him.
The combined US$24 billion ($33 billion) wealth of Walter, Thomas and Raymond Kwok ranked them second on last year’s list of Hong Kong’s richest people, according to Forbes magazine.
Mr Walter Kwok, who has been on leave for personal reasons since Feb 18, is also suing his two brothers for libel, according to a separate court filing this week. They denied the allegations.
Shares in the firm have fallen 10 per cent since SHKP announced Mr Kwok’s leave, compared with a 4.9-per-cent gain in the benchmark Hang Seng Index. — BLOOMBERG
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