Shares in Danish facilities management giant ISS fell approximately 8 percent on Tuesday following the deadly Wang Fuk Court fire in Hong Kong, as the company issued statements distancing itself from renovation work at the public housing estate.
ISS confirmed its Hong Kong subsidiary ISS EastPoint Properties Limited served as property manager for the estate but stated it "did not participate in the selection of contractors for the major renovation, nor was it the supervising body for the works." The company emphasized its role was limited to administrative support for the owners' corporation and daily security management.
"Contractors were selected by the owners. Our involvement was purely administrative and did not include any recommendations or decision-making authority," ISS said, adding it had no involvement in installation, maintenance or inspection of fire safety equipment which Hong Kong regulations require licensed contractors to handle.
Despite the company's statements, analysts noted market concerns about potential liability, with SB1 Markets analyst Johan Eliason observing "clear potential liability and compensation risks" though typically covered by insurance.
Chief Executive John Lee announced Tuesday an independent judge-led commission will investigate the fire's causes and renovation supervision. ISS stated it is cooperating fully with authorities while prioritizing support for affected residents.
