SFC feels the sting of Wong's influence despite being in jail

Don't call Wong Kwong-yu a loser. While he failed to oust a rebellious management from Gome Electrical Appliances Holding the bruise is minor compared to the lumps and bumps on the faces of our securities regulators.

From a Beijing jail notorious for depriving inmates of their rights, Wong has orchestrated one of the most colourful battles for boardroom control in Hong Kong's corporate history.

That includes a noisy media war fuelled by timely press statements from Wong, an internet campaign that called the management 'traitors', the support of HK$2.64 billion worth of Gome shares on top of his HK$13 billion worth of shares and a narrow defeat in a vote - by only 4 per cent.

Our watchdog, meanwhile, cannot even hand Wong and his wife a court letter to start litigation against the couple, who have allegedly cheated Gome of HK$1.6 billion. It has been more than a year since the regulator made the accusation.

Instead, an officer from the enforcement division of the Securities and Futures Commission (SFC) had to arrive at the Causeway Bay hotel where Gome shareholders were meeting, battle through journalists surrounding Wong's sister, hand her his business card and ask for a meeting.

The sister, Huang Yanhong, was there as a board candidate nominated by her brother to regain control. Before she said anything, a lawyer representing the Wong family was by her side telling the official to contact the law firm.