HK’s famous Yung Kee roast goose restaurant can liquidate over sibling squabble 

When some people are born with silver spoons in their mouths, they just pull them out and start fighting with them. Such is the case of the heirs of Hong Kong’s famous Yung Kee roast goose restaurant, which has finally been given permission to liquidate because some people just can’t get along.

Kinsen Kam and younger brother Ronald Kam started to quarrel over the restaurant – which was founded 73 years ago and is estimated to be worth HKD1.5 billion – after their father’s death in 2004. 

Ronland claimed a 55 percent shareholding, and appointed his son as director of the business, prompting Kinsen to complain that he was being pushed out. He subsequently filed a petition to have the company wound up or for Ronald to buy his remaining 45 percent shares.

Yesterday, Hong Kong’s Court of Final Appeal finally agreed that Yung Kee would be liquidated if the scrapping siblings can’t reach a deal in 28 days. As neither side will reveal what they would accept or offer in a buy out, however, that optimistic scenario is looking unlikely. 

The five (yep, five) judges yesterday rejected a ruling by a lower court that the company could not be wound up locally as it was registered in the British Virgin Islands. 

It was decided that Yung Kee has sufficient enough connections to Hong Kong to let an empire and an institution die because of brotherly hatred.

Photo: (For illustration) Wikimedia Commons

Related Stories: 

Kam’s Roast Goose: A new beginning for the fractured Yung Kee story
 


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