Hutchison Whampoa, Board of Directors.
Though this was only an emergency meeting, all directors attended. Lin ShuFang represented her brother Lin BaoCheng, while Cheng YuFeng spoke on his behalf.
Director Bob opened: "This emergency meeting is because of the recent fall in international gold prices. If I recall correctly, the chairman, Lin BaoCheng, invested a large sum of company funds in gold futures — going long. I want to know if that's true."
The Jardine representative added: "This concerns shareholder interests. We have the right to know whether the company's investments have caused heavy losses."
The Qi DeZun family's director followed: "When this decision was made, the chairman didn't consult us. He acted alone. Now that the investment has failed, he must take responsibility."
Facing their challenge, Wei Li said: "Gentlemen, please don't be anxious. At the end of this month, during the quarterly audit, management will report to the board. Then all directors and shareholders will know the company's operating situation."
"But gold has already fallen so much. How can we not be anxious?" Bob pressed. "Wei Li, just tell us plainly — is the investment profitable or losing? How much profit, how much loss? At least give us clarity."
"Director Bob, the details are confidential. They directly affect whether the funds can yield profit. I cannot disclose them now. It's already April. Please wait another half month, and the company will inform you then," Cheng YuFeng said firmly. He suspected the sudden demand for a meeting and united challenge was no coincidence. He didn't know their motive, but he knew he must not yield.
Though not a director, everyone knew Cheng spoke for Chairman Lin BaoCheng, so no one questioned his right.
Bob retorted angrily: "I'm a major shareholder and director. The company may be suffering huge losses, yet you tell me it's secret? What a joke!"
The Jardine representative said coldly: "The chairman clearly doesn't respect us. He treats us as decorations."
Cheng countered immediately: "Chairman Lin respects all directors. But please trust his ability. Don't panic over fluctuations. Remember, Lin is the largest shareholder. If the company suffers, his loss is greatest."
The Qi DeZun director suddenly asked: "So you admit the investment is losing?"
"I have no comment!" Cheng shook his head. The more they pressed, the less he would reveal.
Bob turned to Wei Li: "What do you say?"
Cheng glanced at Wei Li. He didn't bother to stop him — if Wei Li wanted to speak privately later, he couldn't prevent it.
"I follow Chairman Lin," Wei Li declared. He knew the truth: the gold futures had already profited — first long, then short. The company was thriving. He stood firmly with Lin BaoCheng.
"Let's vote!" Bob demanded. "On whether management must disclose investment details now. We have the right to know."
"Fine, let's vote," Cheng agreed. "Those in favor, raise your hands."
Bob, Jardine, and Qi DeZun's directors raised theirs immediately.
"Three votes," Cheng said with a smile — but his face fell when he saw Vice Presidents Richard Xin and Chen XingHan also raise their hands. That made five votes in favor.
"Five votes passed. Management must report details," Bob said with satisfaction. Their sudden challenge had been carefully prepared.
Cheng glared at Richard and Chen: "Do you know what you're doing?"
"We're acting for the company, for shareholders," Richard declared righteously. He knew this would cost him his position, but he didn't care — Niu BiJian had already promised him a place at Jardine.
Chen said nothing, but he too knew the consequences. He had accepted a large bribe. At worst, he would leave Hutchison later.
"And you two?" Cheng asked, turning to directors Xia BoYin and Wei Peter, who hadn't raised their hands.
"We follow Chairman Lin," they said firmly. They had been approached the day before but refused. Now they made their loyalty clear.
"Chairman Lin will remember your stance," Cheng said, his tone softening. He whispered briefly to Lin ShuFang.
Moments later, Lin ShuFang announced: "As acting chairman, I veto this resolution. Management will not disclose investment details. This meeting is adjourned."
Bob slammed the table: "Is this your stance or Lin BaoCheng's? He disrespects us. Hutchison isn't his alone!"
"Director Bob, since Chairman Lin authorized us to act, our stance is his stance," Cheng replied sharply. He saw clearly now — these directors had united as enemies. No need for courtesy.
"Hmph! We all know his investment lost money. He should admit it, apologize to shareholders, not deny it!" Bob fumed, and he and the others stormed out.
Richard and Chen followed silently. They knew as long as Hutchison remained under Lin BaoCheng's control, their days there were numbered. They were already prepared for departure.