Doing business with former LDC 'painful' experience: Li

Cheung Kong No 2 Victor Li Tzar-kuoi has described business dealings with the former Lands Development Corporation as a “painful experience”.

The corporation, predecessor of Urban Renewal Authority, was a “half-governmental institute” which carried out its work in a “rather high-handed” fashion with staff who were “not the most courteous” people he had met, Li told the Court of First Instance.

He was giving evidence in defence of an HK$23 million claim by the authority over their joint venture to build The Center in Central, initial dealings for which were with the corporation.

The authority says Cheung Kong owes it the money for the resumption, or buying back of the land on which The Center, a 346-metre steel skyscraper in Central, was built.

Cheung Kong contends that at a meeting in May 2000 between Li, corporation chief executive Abraham Razack and chairman Lau Wah-sum it was released from any further payment after stumping up the balance of a guaranteed HK$1.9 billion profit.

In court on Friday Li also gave the public a glimpse of his business practice.