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SCMP Reporter

One of the most influential men in the Hong Kong shipping industry is to retire.

 Chao Tsong-yea is to step down as chairman of Wah Kwong Shipping Holdings after its annual general meeting on August 8 due to ill health.

 Frank Chao Sze-bang will take over as chairman and George Chao Sze-kwong will become deputy chairman.

 Chao Tsong-yea, 86 - more commonly known as TY - is widely acknowledged to be one of the three founders of the Hong Kong shipping industry.

 The other two - now dead - are YK Pao of Worldwide Shipping and CY Tung of Orient Overseas, the father of Tung Chee-hwa, Hong Kong's Chief Executive-designate.

 Born in a well-to-do Shanghai family, TY, who was a lawyer by profession, entered shipping during the Sino-Japanese war.

 His shipping business flourished, with his fleet supplying the needs of soldiers involved in the Korean War.

 Although there had been speculation that the fight for control of Wah Kwong Shipping could get rough at the company's annual general meeting, any disputes seem to have been settled behind the scenes. It was reported by The Business Times of Singapore that TY's wife and second son Cecil had teamed up to remove him at the annual general meeting.

 Without TY's resignation, there would have emerged a proxy fight at the AGM.

 With the Chao family divided, Sembawang Maritime - the single largest shareholder - would probably have had to cast the decisive vote on whether there was to have been a change of power at Wah Kwong.

  Mr Chao's resignation and the new appointments were announced after the release of the company's results.



HK industry founding father to step down at Wah Kwong