Midland calls for investigation into shareholder

Midland Holdings has asked a "law enforcement agency" to investigate Apex Benchmark for "bad mouthing" the firm, escalating a war of words between the family of Freddie Wong Kin-yip who heads the realtor and its second-largest shareholder.

The bitter public dispute broke out at the firm's annual general meeting yesterday after the top management was grilled by Apex for one-and-a-half hours about its "over-paid" directors. Apex is the second-largest shareholder with a 10.54 per cent stake in Midland, after chairman Wong's 27.89 per cent.

Deputy chairwoman Angela Wong Ching-yi, the daughter of Wong, said Apex has reportedly said it intends to acquire the firm and said allegations of mismanagement could affect investors' and shareholders' interests.

She disclosed a conversation with Apex chief operating officer Mau Wang-bong during a meeting in February and questioned the fund's motives behind its increasing stake in Midland.

"Mau told me the purpose [of buying a stake in Midland] is to make quick money … we have plenty of time to make trouble … like calling an extraordinary general meeting, questioning [the firm's] connected transactions … [asking for a] change in directors," she said, adding Apex does not "care about" Midland's performance.

The firm's lawyers suggested taking the matter to a "law enforcement agency", she said without elaborating.