Former Sun Hung Kai Properties chairman Walter Kwok Ping-sheung (right) said he was disappointed by the conclusion drawn by an audit committee on the company's governance which cleared it of any bad practices.
'Mr Kwok thinks the conclusion is disappointing,' his spokesman said yesterday. 'The committee's reviews are not comprehensive and in-depth enough.'
SHKP's board of directors yesterday affirmed a report by its audit committee on its corporate governance. The report's publicly released findings have been criticised by a group of minority shareholders because they lacked details.
'We asserted the audit committee's conclusion that the company's outsourcing contract system is sound and healthy,' said the company in a statement last night.
'Moreover, we also agreed with the conclusion that accusations by former chairman Walter Kwok Ping-sheung on land purchases were totally unfounded.'
Small shareholders at SHKP wrote an open letter last week criticising the company for not giving any details in its governance report.