Brothers in bitter battle over landmark tower

A Hong Kong judge has found real risks of siphoning off of assets, irregular transactions and accounting irregularities in a company that owns Citigroup Tower, a landmark building in Shanghai's glitzy Pudong financial district.

Justice Queeny Au-yeung has appointed a receiver and manager for the 42-storey tower, which is being fought over in a bitter legal dispute between two mainland-born brothers who are alleging theft of assets worth hundreds of millions of yuan.

The two brothers are Ding Yu and Ding Gang. The latter owns 99 per cent of Shanghai Bading Property, a real estate firm which owns a substantial share of the tower, and collects rent from the property.

Justice Au-yeung in the high court described Citigroup Tower as a 'very valuable commercial complex'. The value of the building is undisclosed.

In the dispute over ownership, Ding Yu claimed to be the owner of Citigroup Tower, saying Ding Gang and their sister Ding Xiao Hong - who owns 1 per cent of Shanghai Bading - were only Ding Yu's nominees.

Although Justice Au-yeung has not decided which brother is the rightful owner of Citigroup Tower, she said a receiver and manager for the property should be appointed.

'If Ding Yu succeeds, it will mean his brother has shamelessly deprived him of his hard-earned assets. That is akin to theft. If no receiver is appointed, Ding Gang will be in sole control and Ding Yu might suffer irreparable damage,' the judge said.