The feuding brothers who run the Fook Lam Moon restaurants are negotiating to reach an out-of-court settlement, the Court of First Instance heard yesterday.
The twist in the family's legal dispute, which has been going on for two years, came as lawyers for the brothers applied jointly for yesterday's hearing to be held behind closed doors to "avoid unnecessary publicity about the ongoing negotiations".
Shareholder and director Chui Pui-kun, the fifth son of restaurant founder Chui Fook-chuen, and his younger brother and seventh son, Chui Wai-kwan, have filed petitions to buy out the other's shares in the holding companies of the restaurants.
Fook Lam Moon restaurants in Tsim Sha Tsui and Wan Chai are known for their fine Chinese cuisine and celebrity clientele. Tycoons including Joseph Lau Luen-hung, Lee Shau-kee and Li Ka-shing are regulars.
The family infighting began with a defamation lawsuit brought against the younger brother in November 2009.
In filing petitions to buy out each other's shares, both brothers alleged the companies' affairs had been conducted in a manner prejudicial to their own interests.