Yung Kee Restaurant, famous for its roast goose offerings, will go into liquidation after the feuding sons of founder Kam Shui-fai (甘穗輝) failed to agree on a proposed stake sale on Wednesday.
Representatives of Kam Kin-sing (甘建成), the late eldest son of the founder, and second son Kam Kwan-lai (甘琨禮) failed to reach an agreement as the deadline expired for the talks, extended up to 5 p.m. Wednesday, Apple Daily reported.
Kam Kwan-lai’s two children, Yvonne Kam Kiu-yan (甘蕎因) and Carrel Kam Lin-wang (甘連宏), had submitted an application to permanently suspend the liquidation order at 4:58 p.m. Wednesday, just two minutes before the deadline set by the Court of Final Appeal last week.
Their request were rejected by Chief Justice of the Court of Final Appeal Geoffrey Ma Tao-li, who questioned why an application was only submitted at the eleventh hour and criticized the move as a strategy to delay the proceedings.
Ma also doubted if such an application could be approved by one judge alone.
Yvonne Kam said despite being psychologically prepared for the liquidation process, which will be handled by the Official Receiver’s Office, she was saddened by the outcome.
She said the family of Kam Kin-sing went too far, adding that her family was unfairly treated in the last six to seven years.
Meanwhile, Kam Kin-sing’s eldest son Kevin Kam Shung-hin (甘崇軒) insisted they only asked for a fair ruling and would not rule out buying back the Yung Kee trademark after liquidation and revive the restaurant business.
He said former Yung Kee employees have blamed Kam Kwan-lai for not managing the restaurant business properly.
It was understood that Kam Kin-sing’s widow, Leung Sui-kwan (梁瑞群), wanted HK$1.3 billion (US$166.73 million) for the 45 percent stake owned by Kam Kin-sing, but Kam Kwan-lai was standing firm on his HK$1.14 billion purchase offer.
Sources from Leung’s side revealed that Kam Kwan-lai was capable of paying the HK$1.3 billion request.
Kevin Kam said his side had no choice but to resort to liquidation as the parties involved could not resolve their differences.
Commenting on the fact that Yung Kee Restaurant may no longer be able to operate in its current location, he said it would be a sad outcome as he had been frequenting the place since he was 10 years old.
On Nov. 11, the Court of Final Appeal ordered Yung Kee Holdings Ltd., the mother company of Yung Kee Restaurant, be liquidated if the two parties fail to negotiate a deal in 28 days. Last week, the court extended the deadline for a week.
– Contact us at [email protected]