Chairman of Hong Kong property giant loses legal battle

0 Comments | AFP, May, 2008

HONG KONG (AFP) — The chairman of one of the world's largest property firms lost his legal battle against his brothers on Friday, the latest twist in a long-running feud that could result in his ouster.

A High Court judge in Hong Kong turned down an application from Walter Kwok, chairman and chief executive of Sun Hung Kai Properties, for a permanent injunction order to prevent the company's directors from voting on his removal.

Judge Susan Kwan said the court would not interfere with matters concerning the internal management of a company.

"The directors have a duty to exercise their discretion and decide what is in the best interest of the company from time to time," she said. It would be "irrational and unjustified" for the court to fetter with the...