HONG KONG: Hong Kong’s clubby, tycoon culture clashes with Wall Street today when activist investor Elliott Management Corp, frustrated by poor returns at family-run Bank of East Asia (BEA), tries to persuade shareholders to defy the board.
The shareholder votes on proposals including renewing some directors’ tenure and a mandate to issue new shares, pits the US$27bil hedge fund founded by billionaire Paul Singer against BEA’s flashy chairman and former politician David Li, whose grandfather founded the bank nearly 100 years ago and whose family is among the city’s best connected.
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