Unrest in Hong Kong and the absence of decisiveness on the part of the island’s authorities have battered its reputation as a sound legal framework with a rigorous corporate compliance system for corporate fund-raising has prompted Vostok Group to suspend operations of Vostok Capital Limited (VCL) and dissolve its Board of Directors.
The situation will be subject to review periodically in 2020.
As South China Morning Post columnist Yonden Lhatoo wrote recently “Hong Kong is becoming a basket case”.
VCL’s non-executive chairman Martin Skinner is currently fighting his own battles and is currently appealing a custodial sentence over a motoring offence. His Aspire development companies have been placed in administration but the administrators are convinced that the value of the companies development portfolio outweigh outstanding debts and are not at present pursuing liquidation.
Vostok Group founder John Bonar paid tribute to Skinner’s skills saying, “In a short time Martin taught me how positioning and community benefits can raise the value of properties from resident events to community lounges and co-working spaces.”
“I look forward to renewing my collaboration with him after his release and rehabilitation.”