Hong Kong giant Sun Hung Kai ousts chairman after feud

0 Comments | AFP, May, 2008

HONG KONG (AFP) — Hong Kong's largest property firm Sun Hung Kai said Tuesday it had ousted Walter Kwok as its chairman, replacing him with his 79-year-old mother after a high-profile feud at the family-run firm.

"The board announces that Walter Kwok has ceased to be the chairman and chief executive of the company and has been redesignated as a non-executive director," the firm said in a statement to the Hong Kong Stock Exchange.

Kwong Siu-hing, the widow of the company's former chairman Kwok Tak-seng, will become chairwoman, the company statement said.

The ouster comes the day after Walter Kwok, who has been on leave from the company since February, failed in a last-ditch legal bid to try and prevent the board meeting.

Kwok has accused his brothers...