Behind every billionaire there is a story!

Mum forces billionaire son to step down

They say that mother knows best. In Hong Kong, it seems that old adage applies even to multibillion-dollar business empires, as Walter Kwok knows. Last month, the low-profile Kwok brothers - Walter, Thomas and Raymond - who head Sun Hung Kai, the city’s biggest property developer, announced that Walter was taking a “temporary leave of absence”.

News that Walter, the chairman and chief executive, was handing the reins to his brothers set rumour mills spinning. The word was that the married 58-year-old was forced out by his mother, Kwong Siu-hing, the company’s largest shareholder. She was said to be upset that Walter allowed a female friend, Ida Tong, to exert influence at the company.

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They say that mother knows best. In Hong Kong, it seems that old adage applies even to multibillion-dollar business empires, as Walter Kwok knows. Last month, the low-profile Kwok brothers - Walter, Thomas and Raymond - who head Sun Hung Kai, the city’s biggest property developer, announced that Walter was taking a “temporary leave of absence”.

News that Walter, the chairman and chief executive, was handing the reins to his brothers set rumour mills spinning. The word was that the married 58-year-old was forced out by his mother, Kwong Siu-hing, the company’s largest shareholder. She was said to be upset that Walter allowed a female friend, Ida Tong, to exert influence at the company.