Hong Kong Airlines (HX, Hong Kong International) has become the object of a shareholder dispute on April 17 with two persons separately claiming to be the indebted airline's chairmen and holding control over it.
Reuters reported that early during the day, ex-director Zhong Guosong has been appointed Chairman after a decision by the extraordinary general meeting of shareholders to expand the carrier's board. Zhong together with Chinese private equity firm Frontier Investment Partner then said they executed effective control over the airline with a combined stake of 61%.
However, the South China Morning Post later reported that the handing of control to Zhong was challenged by the current Chairman Hou Wei.
The Hongkongese newspaper reported seeing a note from Hou in which he admitted that a "shareholder dispute" was ongoing but claimed that he remains in the control of the airline.
The Hong Kong government and the Civil Aviation Department (HKCAD) sought explanations from the carrier related to who exerts effective control.
Hou Wei joined Hong Kong Airlines from HNA Group unit Hainan Airlines (HU, Haikou). HNA Group controls around 29% of Hong Kong Airlines.
