www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Companies

For Kwok brothers, it appears mum knows best

(Agencies) Updated: 2014-12-25 10:38

For Kwok brothers, it appears mum knows best

Thomas Kwok (3rd from left) outside the HK High Court on Tuesday. PARKER ZHENG/FOR CHINA DAILY

Mother knows best when it comes to running the world's second-largest real estate company.

That's one conclusion from the graft trial of Hong Kong's billionaire Kwok brothers, which ended on Tuesday with Thomas Kwok jailed for five years for corrupting Rafael Hui, the city's chief secretary from 2005 to 2007. His younger brother Raymond Kwok, who was also a defendant in the case, was acquitted of all charges.

Thomas and Raymond wrested control of developer Sun Hung Kai Properties Ltd from their eldest brother Walter in 2008 after their mother intervened, according to testimony heard in the trial which started seven months ago.

Even though the matriarch, Kwong Siu-hing, did not hold a position in the firm at the time of Walter's ouster, she called the shots by controlling the trust that holds the family's stake in the $42 billion company. Kwong, now 86, stepped in to lead the company's board in 2008 and stripped Walter from the family trust in 2010 before ceding chairmanship to her two younger sons in 2011.

The family had kept private that Walter had been acting erratically since he was kidnapped by a gangster in 1997, testimony revealed. His troubles were only disclosed to shareholders more than a decade later when he stepped back from running the company.

"Any family affair can influence corporate performance greatly," said Joseph Fan, a professor who researches governance issues in family firms at the Chinese University of Hong Kong. "Many Chinese families do not have family governance mechanisms in place, including the Kwok family."

The case speaks to broader corporate governance issues in Hong Kong, where family businesses dominate the economy. The six wealthiest men and their families build the majority of properties, dominate telecommunications and control bus routes and port access.

The court heard how Hui was hired as a HK$15 million ($1.94 million)-a-year adviser to Sun Hung Kai under a secret agreement, and how payments were hidden and salaries routed via personal bank accounts and intermediaries. At times, it appeared as if the conglomerate was run more like a mom-and-pop operation than the listed property giant it is.

"It just underlines it's a family company even though it's a big one," said David Webb, a Hong Kong-based investor and shareholder activist. "There's always some investment risk associated with the profile of owners of companies, whether they're government-controlled or family-controlled."

Sun Hung Kai has won a slew of corporate governance awards. It was named Asia's best-managed company for four straight years in an annual poll conducted by Euromoney magazine and it took the top award last year from Corporate Governance Asia, a Hong Kong-based publication.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 美女很黄很黄是免费的·无遮挡网站 | 高清日本无a区 | 1级a的观看视频 | 亚洲欧洲一级 | 91久久香蕉国产线看观看软件 | 国产精品毛片天天看片 | 美女视频网站黄色 | 国产福利精品在线观看 | 国产亚洲欧美日韩在线观看不卡 | 国产成人午夜精品免费视频 | 欧美日韩视频免费播放 | 在线观看亚洲网站 | 亚洲高清综合 | 精品9e精品视频在线观看 | 特色毛片| 免费人成黄页在线观看视频国产 | a一级毛片免费高清在线 | 国内欧美一区二区三区 | 久草免费网站 | 亚洲波多野结衣日韩在线 | 俄罗斯一级成人毛片 | 国产日本一区二区三区 | 免费观看a视频 | 国产欧美精品三区 | 亚洲大片免费 | 99精品国产高清一区二区三区香蕉 | 欧美成人精品欧美一级乱黄 | 一级做a爰片久久毛片潮喷 一级做a爰片久久毛片美女 | 国产人成精品综合欧美成人 | 久久福利青草免费精品 | 99视频国产在线 | 国产亚洲一级精品久久 | 欧美高清色视频在线播放 | 亚洲国产二区三区久久 | 国产a毛片 | 欧美一级久久久久久久大片 | 欧美精品人爱c欧美精品 | 成人人免费夜夜视频观看 | 欧洲免费无线码一二区 | 欧美色欧美亚洲高清在线视频 | 亚洲成年人专区 |