Elliott faces uphill battle in Bank of East Asia confrontation
Hedge fund has no chance as the bank's shareholder alliance remains strong
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Hong Kong
ELLIOTT Management Corp's attempts to weaken the Li family's hold over Bank of East Asia Ltd face their first public test at the lender's annual shareholder meeting on Friday. Analysts say it's a battle the hedge-fund firm can't win.
The spat between billionaire Paul Singer's Elliott and the family of BEA chairman David Li has escalated in recent months as the New York-based firm accused Mr Li and his board of mismanagement and improperly representing shareholder interests. Elliott has called for BEA to explore a sale of itself, and last month voiced concerns over items to be voted on at the annual meeting, including Mr Li's re-election and a general mandate for the Hong Kong company to sell shares.
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