Row over Yung Kee restaurant takes another twist before court ruling
The saga over the fate of the famous restaurant takes another twist on the eve of a court ruling set to put an end to a bitter power struggle
A son of the late Yung Kee restaurant shareholder Kinsen Kam Kwan-sing indicated his intention to cut ties with his feuding uncle's camp ahead of a court ruling today set to put an end to a bitter power struggle over the restaurant famed for its roast goose.
Hardy Kam, Kinsen's younger son, said cutting off contact with the family of his uncle Ronald Kam Kwan-lai was a good way to avoid further clashes.
He made the comment yesterday ahead of the Court of First Instance's judgment today on whether his family would have to sell his father's 45 per cent stake in the restaurant to his uncle or buy out his uncle's 55 per cent stake. The whole business is estimated to be worth HK$1.5 billion.
Meanwhile, Yvonne Kam, a daughter of Ronald Kam, Kinsen's younger brother, said her family had been labelled the "bad guys" responsible for Kinsen's death, leaving them feeling "helpless, hurt and frustrated".
The Kam family's infighting has been in the spotlight since 2010 when the dispute was brought to court.
The dispute dates back to 2004, after Yung Kee founder Kam Shui-fai, Kinsen and Ronald's father, died. Under the senior Kam's will, Kinsen and Ronald each inherited a 35 per cent stake of the family business.
When Ronald later received an additional 10 per cent from a brother who died, their mother Mak Siu-chun transferred her 10 per cent to Kinsen to offset the effect. But a sister then transferred a further 10 per cent to Ronald, giving the younger brother a 55 per cent majority stake of the restaurant.