Tide turns in Wah Kwong family saga

THE tumultuous fortunes of Wah Kwong Shipping Holdings, one of Hong Kong's oldest bulk and tanker shipping companies, have taken another turn after a Belgian company took control of the troubled carrier last week.

Bocimar Far East Holdings, a subsidiary of Belgium's Companie Maritime Belge (CMB), became the biggest shareholder in Wah Kwong after buying a 20.58 per cent stake in the carrier from Singapore's SembCorp Logistics.

Bocimar Far East now owns 27.8 per cent of Wah Kwong.

The latest twist in the Wah Kwong saga follows two years of upheaval since shipping tycoon Chao Tsong-yea resigned as chairman and director, sparking a bitter fight for control of the company.

Although no official announcement has been made, CMB is likely to replace incumbent chairman Kenneth Gaw, the 28-year-old son of Anthony Gaw Teong-chan, chairman of Pioneer Industries International (Holdings), who took the helm of the company on March 25 from Frank Chao Sze-bang. Anthony Gaw died on February 8.

CMB, founded in 1895, is listed on the Brussels Stock Exchange. It provides liner, bulk and crude oil and gas transportation services.

'The board looks forward to working with CMB group and believes there are significant opportunities for co-operation with the CMB group in the future which will be to the overall benefit of the group,' Wah Kwong said in a statement.