Convoy protagonists gather in Hong Kong High Court for day one of hotly anticipated financial battle royal
Lawyers for two largest shareholders of Hong Kong’s biggest independent financial advisory firm fire their opening salvoes
The first salvoes in a corporate legal battle royal between the two largest shareholders of Hong Kong’s biggest independent financial advisory firm were fired on Monday, as the second largest shareholder in Convoy Global Holdings Kwok Hui-kwan launched his bid to overrule the company chairman’s decision last December to revoke his voting rights.
Kwok and his father, Kwok Ying-shing – the chairman of mainland developer Kaisa Group – both appeared in a packed High Court in Admiralty to attend the first day of what is expected to be a complex but intriguing five-day hearing before Mr Justice Jonathan Harris, dealing with several lawsuits brought by different shareholders of the company, including the one filed by the younger Kwok.
It was the first time he had ever appeared in public, but he still chose to wear a green medical face mask when he left court. Neither he nor his father responded to reporters’ questions as they swiftly exited.
Monday’s hearing listed the various lawsuits filed between December and February by the company’s two largest shareholders: the Tsai family from Taiwan, who own Taiwan's Fubon Financial Holding and have a 29.98 per cent stake in Convoy, and Kwok, who has a 29.91 per cent stake.
