But last night the deposed chairman, who will remain as a non-executive director, issued a statement accusing his fellow directors of removing him for reasons that were superficial and of totally ignoring his 18 years of service.

His mother Kwong Siu-hing widow of SHKP founder Kwok Tak-seng has already assumed duties as the chairwoman.

Walter Kwok was also removed as chief executive. His brothers Thomas Kwok Ping-kwong and Raymond Kwok Ping-luen, who fought a bitter battle with their eldest brother, will now share the post.

The appointment of the mother, 79, is being widely interpreted as an effort to stabilize the company after months of turmoil during which accusations have flown over Walter Kwoks decision-making abilities and his mental state of health.

In a statement SHKP said the highly regarded Kwong Siu-hing would be chairwoman and non-executive director until the next shareholders meeting in December.

But sources told The Standard the likelihood is that the youngest brother, Raymond Kwok, will eventually assume control.

Sources familiar with the reasons for Walter Kwok's removal said over the nearly two decades since the father's death, his role had been that of a company figurehead, apart from overseeing the hotel and food and beverage business. The hard-nosed business decisions were the domain of his brothers.

"But in the past year he [Walter Kwok] has tried to get more involved and has been taking decisions under undue influence of an outsider. There were negotiations to let him resign of his own accord but they failed. That is why this painful move had to be made," the source said.

SHKP said matriarch Kwong is highly respected by both the board of directors and senior management and has over 40 years' experience in the real estate business.

She provided advice on major investments and assisted in the development of the company during the tenure of Kwok Tak-seng and also in recent years, SHKP added.

Walter Kwok was the only director not present at yesterday's board meeting - where there was only one issue on the agenda.

Last night he said he regretted the board's decision, claiming it was based on "superficial reasons," adding they had "totally ignored his hard work and contributions over the past 18 years."

In a letter to all directors, he also urged the board to go through his medical reports thoroughly and to record all the reasons for firing him for the next board meeting.

He admitted there had been disputes between him and his brothers over corporate governance and investment decisions but said all the business development decisions he made were "good."

He added: "I shall in the future in my capacity as non-executive director continue to closely monitor the operations of the company to safeguard the best interests of all shareholders."

SHKP shares closed 0.88 percent up to HK$126.80 yesterday, climbing for a second day since the fight between the Kwok siblings heated up.