Elliot Management Sues Bank of East Asia
Elliot Management Corp has begun legal proceedings against Bank of East Asia over a share placement. Elliot which has a 7% stake in BEA has filed a lawsuit in Hong Kong court against the bank, majority of the bank directors, its CEO and chairman. In a statement, Elliott cited “allegations of unfairly prejudicial conduct” and “alleged serious corporate governance failings” in relation to last year’s issue of new shares to Japan’s Sumitomo Mitsui Banking Corp (SMBC).
“Elliot Management Corp has begun legal proceedings against Bank of East Asia over a share placement.”
The dispute pits the $27 billion hedge fund against BEA’s chairman and former politician David Li, whose grandfather founded the bank nearly 100 years.
About Elliot Management
Elliot Management Corporation is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It invests in the public equity, fixed income and alternative investment markets across the globe. The firm obtains external research to complement its in-house research. Elliot Management Corporation was founded in 1977 and is based in New York City with an additional office in London, United Kingdom.
Visit: Elliot Management
About Bank of East Asia
Incorporated in Hong Kong in 1918, The Bank of East Asia, Limited (“BEA”) is dedicated to providing comprehensive corporate banking, personal banking, wealth management, and investment services to its customers in Hong Kong, Mainland China, and other major markets around the world.
BEA is Hong Kong’s largest independent local bank, with total consolidated assets of HK$781.4 billion (US$100.8 billion) as of 31st December, 2015. Listed on The Stock Exchange of Hong Kong, the Bank is a constituent stock of the Hang Seng Index. BEA also operates one of the largest branch networks in Hong Kong, with 88 branches, 55 SupremeGold Centres, and 10 i-Financial Centres throughout the city.
Visit: Bank of East Asia
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