Midland set to sue shareholder Apex over investor row

Midland Holdings will sue Apex Benchmark, its second largest shareholder, for damaging the company's reputation, said deputy chairman Angela Wong Ching-yi yesterday.

"We will take action next week as their accusations are untrue and will hurt our corporate image," she said after the company's special general meeting.

The move came after Apex's severe criticism of Midland's management. It called for the meeting to remove Angela Wong and her mother Metty Tang Mei-lai, who is Midland's executive director and the wife of chairman Freddie Wong Kin-yip. Apex also asked for a cap on the salaries of "overpaid" directors.

Mau Wang-bong, chief operating officer of Apex, said the chances of these resolutions being approved were slim.

"But we hope it will increase awareness of minority shareholders and they will closely monitor management. What we want is the company to make profit," he said.

Apex said the total remuneration of the Wong family was "excessive" as the amount paid to the chairman, his wife and daughter was about 60 per cent of the total paid to all directors.