A power struggle at Hong Kong Airlines (HKA) intensified on Thursday as a group ...
HONG KONG - A power struggle at Hong Kong Airlines intensified on Thursday as a group of shareholders accused a rival group representing indebted Chinese conglomerate HNA of storming the troubled airline’s head office and taking away documents.
However, HKA said via a spokesman: “No one broke into our headquarters or took away any company document this morning.”Around eight security guards were visible in the lift lobby outside HKA’s head office, and in reception, when Reuters visited on Thursday afternoon. They declined to say who they worked for.
The power struggle first went public on Tuesday when Frontier and Zhong, who hold 34 and 27 percent of HKA, respectively, said they had held an extraordinary shareholder meeting where they removed the existing directors and installed Zhong, already chairman of sister airline Hong Kong Express, as chairman.
The fight comes as HKA is struggling to survive. Earlier this month, executives warned shareholders the company needed at least HK$2 billion or risk losing its operating license - and that it swung to a loss of about HK$3 billion last year.
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