HK Airlines executive bows out

Business | Staff reporter and Reuters 19 Dec 2018

Former police commissioner Tang King-shing resigned as vice president of Hong Kong Airlines in November - less than a year after he was appointed to the position in January.

The carrier is a subsidiary of mainland conglomerate HNA Group, which is experiencing a liquidity crisis.

Tang told local media he wants to devote more time to his other positions, including chairman of the Country and Marine Parks Board, and director of Hong Kong News-Expo.

The airline said Tang resigned on November 20, and will act as an adviser.

Over the past year, HNA has been selling trophy assets in Hong Kong and overseas to repay debt. It plans to retain only Hainan Airlines and its logistics business. HNA has been engaged with potential investors for its stakes in two SAR-based carriers, Hong Kong Airlines and Hong Kong Express Airways. The finance-to-aviation group is more than a year into the process of unwinding a US$50 billion (HK$390 billion) acquisition spree that at its peak netted the group stakes in banks, fund managers, hotels, property and airlines - including its luxury US$300 million-plus corporate "Dream Jet."

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