Shareholder disputes and seizure of assets have hit two Hong Kong companies with debt troubles Hong Kong Airlines and CWT International. A major shareholder of both firms is Chinese private conglomerate HNA Group which is struggling to reduce billions of dollars of debt.
The city’s third largest airline, where HNA holds a 29% stake, is wracked by legal action. One party includes former director Zhong Guosong, who owns 27% of the airline, and Chinese private equity firm Frontier Investment Partner, which owns 34%. The other side includes chairman Hou Wei.
On Tuesday, a summons was issued from the Hong Kong High Court against seven defendants....
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