(From Channel NewsAsia)
HONG KONG — The fate of Hong Kong’s iconic roast goose restaurant Yung Kee was sealed a few minutes past 7pm at Hong Kong’s court of Final Appeal on Wednesday (Dec 16) after the city’s highest court rejected a request to extend a liquidation deadline which was set to expire.
Ronald Kam, one of the sons of the restaurant’s founder, made a last ditch effort to Chief Justice Geoffrey Ma to rescind the winding up order for the restaurant. However, this was rejected by Chief Justice Ma, citing a lack of jurisdiction and the late stage of the case.
Following founder Kam Shui Fai’s death in 2004, the restaurant was left in the hands of Kinsen and Ronald, his two sons. But Kinsen soon complained to the court that he was blocked from running the business despite holding 45 per cent of the shares, with Ronald holding 55 per cent.
Days before the court ruling, however, he died, leading his family to accuse his younger brother Ronald of being behind his death. The incident has since caused the contentious dispute to erupt in bitterness.
Reports say the late Kinsen’s family, who applied for the court liquidation order, demanded HK$1.3 billion or US$168 million, for their 45 per cent stake. But Ronald, who currently runs Yung Kee, was only willing to pay HK$1.1 billion in cash and almost HK$100 million worth of assets.
In November, the Court of Final Appeal ordered its holding company Yung Kee Holdings Ltd to liquidate if no decision has been reached by Dec 9. Read more