MTR Corp says Central harbourfront site bid did not involve government board members to avoid conflict of interest
- MTR joined Wharf REIC and Chinachem Group consortium to bid for the prime Central harbourfront site
- Board members with conflict of interest were excused from the part of the meeting at which the project was discussed and the decision to submit a bid was taken
The rail operator and property developer, in which the Hong Kong government holds a 75 per cent stake, issued a statement in response to media queries over potential conflict of interest after it said it had taken part in the government land tender for the New Central Harbourfront Commercial Site 3. The decision to bid was based on purely commercial consideration, it added.
It was the first time since the MTR’s formation in 1975 that the company had taken part in a government land bid. It formed a consortium with Wharf Real Estate Investment Company, a unit of the Woo family’s Wheelock and Company, and Chinachem Group, to submit a bid for the plot.
“When the decision to submit a bid for the project was deliberated by the MTR’s board of directors, those board members who had an actual or potential conflict of interest in the project (including all government board members) did not receive the relevant board papers and were excused from the part of the meeting at which the project was discussed and the decision to submit a bid was taken,” the MTR said on Saturday.
