A “shareholder dispute” has led to two factions linked to indebted Chinese conglomerate HNA Group apparently fighting for control of Hong Kong Airlines, led by men both claiming to be chairman.
The apparent boardroom coup at Hong Kong’s third largest airline had placed Zhong in the top job as of Tuesday, according to his team, following an extraordinary general meeting at which he received the backing of two majority shareholders. The announcement was made by global business advisory firm FTI Consulting.
The confusion follows an extraordinary couple of days for the airline as the loss-making company tries to turn the business around and raise billions to stay afloat. Zhong holds 27 per cent of the airline, and Frontier Investment Partners, a Chinese private equity firm, controls 34 per cent. HNA has a 29 per cent stake. The partners are represented by Hong Kong Airlines Consultation Service, which is directed by Zhong and Frontier executives.
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