Kwok family makes late attempt to heal rift
Representatives of the Kwok brothers met last night in a last-ditch effort to hammer out an amicable settlement in the family dispute that has forced the eldest brother, Walter Kwok Ping-sheung, to step down temporarily as chairman of Sun Hung Kai Properties, a source said.
But as of 8.30pm, there was no concrete result although the meeting was continuing, the source said.
The meeting came hours before a Sun Hung Kai Properties board meeting today to decide whether Mr Kwok will regain his post after a temporary leave of absence.
In an apparent bid to gather support for his reinstatement, Mr Kwok expressed his readiness to return to his old post, citing his contribution to the group's strong growth over the past 18 years.
The statement, which was made through a spokeswoman, marked his first official comment on the temporary leave of absence that he took on February 18 and on his role in the conglomerate.
'In the past few days, there have been lots of media reports about the company's board meeting. I am already ready to return to work at any time,' Mr Kwok said.
'There has recently been a lot of speculation. I think the company achieved an impressive performance during my time as chairman and chief executive over the past 18 years, and shareholders were also pleased with the result. I have no regrets.'
The remarks come after speculation that Mr Kwok has little chance of gaining majority support from the board's 17 directors as most of them have sided with Thomas Kwok Ping-kwong and Raymond Kwok Ping-luen, who want their older brother to quit.
His fate will hinge on the votes of four independent non-executive directors at today's meeting.
Sources said Walter Kwok (below) hoped to lobby for support from family friends to settle the issue ahead of the board meeting.
'He hopes to reach an amicable settlement with his brothers and absolutely doesn't want to see family relationships break down,' a source said.
Citing a Chinese proverb, a source said: '[Brothers] sprout from the same root. Why must they torture one another?'
There were rumours that Mr Kwok had sought support from Beijing for his comeback bid, but without any tangible result.
There was also market speculation that the chairman would either be replaced by Kwong Siu-hing, the family matriarch and widow of the firm's late founder, or by one of the younger brothers.
Others speculated that the board would allow Walter Kwok to retain his title of chief executive while stepping down as chairman.
Sun Hung Kai Properties shares declined 0.65 per cent to close at HK$137.40 yesterday.
