HNA’s Hong Kong spat is a sign of worse to come, says cbeddor:
Shareholders in Hong Kong Airlines were told on April 1 that the carrier had lost HK$3 billion in 2018 and would need at least HK$2 billion in new funding or it would risk losing its operating license, Reuters reported exclusively on April 12.
Former director and current shareholder Zhong Guosong, together with Frontier Investment Partner, said via a spokesperson that they had launched an investigation into “the embezzlement of HKA assets and serious financial misappropriation by HNA Group parties”, Reuters reported. The two parties claim to control a combined 61 percent of shares in the airline, and say Zhong was made chairman after an extraordinary shareholder meeting, a claim others dispute.
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