Friday, July 25, 2014   

Sun Hung Kai settles dispute, Walter Kwok resigns
(01-28 15:03)

Walter Kwok Ping-sheung has resigned as a non-executive director fro Sun Hung Kai Properties (0016), the local developer said in a statement.
The family has also reached a consensus on settling the dispute concerning the equity interest of the group.
"The members of the Kwok family are pleased to announce that they have reached an amicable agreement regarding the treatment of the family’s interests," the statement said.
Walter Kwok and his family got the same entitlement to shares in Sun Hung Kai, as his brothers and their families, said the statement.
Walter Kwok was ousted as head of the company in 2008 by his brothers, current co-chairmen Thomas Kwok Ping-kwong and Raymond Kwok Ping-luen. Walter Kwok was then removed in October 2010, as a beneficiary of the family trust that owns a 43 percent stake in the developer. But Walter's status as a beneficiary is now restored.   
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