HONG KONG Elliott Management Corp's legal proceedings against Bank of East Asia (BEA) (0023.HK) and some of the bank's directors and shareholders moved forward on Monday, with a Hong Kong court setting an April date to decide whether the case will go trial.
The Court of First Instance of Hong Kong's High Court gave the two parties a series of deadlines to present their views and produce documents related to Elliott's unfair prejudice petition against BEA. The court will hold a so-called case management conference to examine the documents on April 7, when it will decide if the case will go to trial.
Activist investor Elliott, which has a 7 percent stake in BEA, began the legal proceedings in July over a share placement BEA made to Japan's Sumitomo Mitsui Banking Corp (SMBC). BEA said it will vigorously oppose Elliott's petition and said it went against the interest of the bank and its shareholders.
(Reporting by Elzio Barreto; Editing by Simon Cameron-Moore)