Walter Kwok

Infobox Celebrity
name = Kwok Ping-sheung, Walter
zh-cp|c=郭炳湘|p=Guō Bǐngxiāng


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birth_date = 1950
birth_place = Hong Kong
death_date =
death_place =
occupation = Chairman and Chief Executive Officer of Sun Hung Kai
salary =
networth =
spouse = Lydia Ku (1982)
Wendy Lee (? - present)
children =
website =
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Kwok Ping-sheung, Walter born in Hong Kong with family roots in Zhongshan, Guangdong), is the eldest son of Kwok Tak Seng (郭得勝). Together with brothers Thomas and Raymond, they inherited Sun Hung Kai Properties, Hong Kong's largest real estate developer, in 1990 following their father's death.

Walter is the chairman and CEO of that organization, and the brothers share control of the firm. The Kwok brothers are the third wealthiest people in Hong Kong and Greater China Region, just after Li Ka Shing and Lee Shau Kee. Their wealth is estimated to be 15 billion US dollars in Forbes' latest annual list of billionaires [ [http://www.forbes.com/lists/2007/10/07billionaires_Raymond,-Thomas-Walter-Kwok_4Y2K.html #31 Raymond, Thomas & Walter Kwok - Forbes.com ] ] .

Biography

Kwok fell in love with an ambitious lawyer Ida Tong Kam-hing (唐錦馨), but Kwok's father did not allow Walter to marry her.

His parents introduced him to Lydia Ku, whom he married, but the marriage broke up six months afterwards. Later, he married his present wife, Wendy Lee.Mary Ma, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=58473&sid=&con_type=1&d_str=19971030&sear_year=1997 "Kwoks captive of own success"] , "The Standard", February 26, 2008]

1997 abduction

In 1997, Walter Kwok was allegedly kidnapped by the notorious gangster "Big Spender" Cheung Chi Keung, and was released seven days later without police intervention. Negotiations fronted by wife Wendy resulted payment of a ransom rumoured to have been in nine figures. Following his arrest in Guangzhou in 1998, Cheung confessed that he had put Kwok in a wooden container blindfolded for four days, and fed him regular meals of roast pork with rice, until the ransom of some HK$600 million was paid. The ransom in 1,000 dollar notes was packed inside 20 large carrier bags and driven in two Mercedes saloon cars to a quiet lane in Central district. Erick Ko and AFP, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=48983&sid=&con_type=1&d_str=19981113&sear_year=1998 "Tough guy, likeable rogue"] , The Standard, November 13, 1998] After the kidnap, the badly shaken Walter handed over the executive duties of SHKP to his younger brothers while retaining the title of Chairman and Chief Executive.

The younger Kwoks controlled day to day operations of the group, although Walter has been increasingly rehabilitated into the business in recent months. During this time, a former girlfriend, Ida Tong, is said to have become increasingly influential. This influence has led to business decisions by Kwok which departed from its previous conservative model, and without the consensus of his brothers.Staff reporter, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61833&sid=17678425&con_type=1&d_str=20080220&sear_year=2008 "My ex-wife fell for a Kwok"] , "The Standard", February 20, 2008]

uspension of Walter's chairman position

On 18 February 2008, Sun Hung Kai Properties issued a statement saying Walter would take a temporary leave of absence for personal reasons with immediate effect. [ [http://www.shkp.com/en/scripts/news/news_press_archive.php# Press Release:Leave of absence of Chairman and Chief Executive] Sun Hung Kai Properties, 18 February 2008] Walter later issued a statement stating he would take a personal holiday to travel to the United States, Beijing and other big cities in the coming two to three months. He said he would resume his duties on his return.Staff reporter, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=61757&sid=17662506&con_type=3&d_str=20080219&sear_year=2008 "Lover feud splits Kwok brothers"] , "The Standard", February 19, 2008]

Sing Tao Daily and sister publication the Standard reported that matriarch Mrs. Kwok Kwong Siu-hing, wielding the holding of the Sun Hung Kai trust, intervened to oust Walter from his chairman position to protect the family's interests. It was revealed that Ida's influence, through being Walter's mistress of 4 years, has been causing friction with his brothers. On 29 February, tycoon and fellow board member Lee Shau Kee confirmed that, during the last board meeting, Mrs Kwok had forced the leave of absence on Walter. Lee further painted a picture of a lonely Walter, as only Ida would listen to him.

Walter Files Lawsuit against Brothers

In mid May 2008, Walter brought a lawsuit against his brothers, and persuaded a judge to enjoin a board meeting. He claims that Raymond and Thomas had him diagnosed as mentally ill (specifically, as bipolar) in order to get him out of the way, silencing his criticism of certain business decisions they want to push through.

The court scheduled a hearing for Friday, May 23.

References

External links

* [http://www.shkp.com.hk/ Sun Hung Kai Properties Ltd.]
** [http://www.hoovers.com/sun-hung-kai-properties-limited/--ID__56780--/free-co-factsheet.xhtml Sun Hung Kai Properties Limited - Fact Sheet - Hoover's Online]
* [http://www.forbes.com/finance/lists/10/2004/LIR.jhtml?passListId=10&passYear=2004&passListType=Person&uniqueId=4Y2K&datatype=Person Forbes.com: Forbes World's Richest People]