日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

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: 国产精品伦理一区 | 黄色片免费视频 | 国内视频精品 | 97在线观视频免费观看 | 成人黄色录像 | 亚洲日日日 | 国产一二三区在线 | 久草成人在线视频 | 激情婷婷久久 | 综合网伊人 | 日韩a级大片 | 台湾色综合| 91国产丝袜在线播放 | 一二三区在线 | 琪琪色综合 | 在线免费观看中文字幕 | 黄色大片在线免费观看 | 午夜在线观看免费视频 | 亚洲网友自拍 | 丁香九月激情 | 麻豆精品网站 | 欧美激情国产精品免费 | 一区二区三区在线看 | 深夜福利国产 | 六月丁香综合 | 国产小视频在线观看 | 懂色av一区二区夜夜嗨 | 林心如三级全黄裸体 | 国产一级二级三级在线观看 | 一区二区三区在线免费观看 | 国产码视频 | 久久人精品 | 精品视频www | 久久精品操 | 欧美精品在线视频 | 亚洲欧美国产毛片在线 | 久久久久久精 | 日本五十路 | 国产不卡一区 | 国产影视一区二区 | 男人免费网站 |