LOCAL tycoon Li Ka-shing has reaffirmed Cheung Kong (Holdings), a close local partner of Shougang Corporation, will not be affected by the arrest of Zhou Beifang.
'As a friend of Zhou, I feel sorry to hear that [he has been arrested],' said Mr Li after the meeting of the Preliminary Working Committee in Beijing.
But he added that Cheung Kong's operations would not be affected by the incident since it had little business dealings with Shougang. This is despite the fact that Cheung Kong has been Shougang's ongoing business partner since Shougang's back-door listing in late November 1992.
Mr Li said he had learned from his Beijing connections that Zhou's 'economic crimes' had nothing to do with Cheung Kong.
Cheung Kong, Mr Li's flagship, helped Shougang to buy Tung Wing Steel and still holds about 12 per cent.