Chinese Estates Names New Chairman After Lau’s Conviction
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Chinese Estates Holdings Ltd. appointed a new chairman after the Hong Kong property developer’s controlling shareholder, billionaire Joseph Lau, was convicted of bribery and money-laundering charges in Macau.
Lau’s 33-year-old son, Vice Chairman Lau Ming-wai, was appointed chairman and acting chief executive officer effective March 14, the company said in a Hong Kong Stock Exchange filing yesterday. Joseph Lau resigned from his positions as chairman and CEO after a Macau court sentenced him to five years and three months imprisonment, according to the filing.