Former South Shore CEO Walter Power resigns from director position

South Shore Holdings Limited – the company responsible for The 13 Hotel – announced that Walter Craig Power, one of its non-executive directors, has filed for resignation effective from May 18 of this year.

Starting from that date Mr.Power will cease to be a member of the finance and investment committee of the company, with the decision said to have been made ‘in order to devote more time to his personal commitments’.

Power had resigned as CEO and Executive Committee member of South Shore on May 1, 2019, a position he had held since February, 2013.

Francis Goutenmacher and Johnny Chan Kok Chung have also previously resigned as Independent Non-Executive Directors of the company with effect from April 6, 2020.

The 13 Hotel has suspended its due to the pandemic in February and has remained closed since then.

In November last year South Shore announced it had reached an agreement has reached an agreement to dispose of a 50 per cent share in The 13 Hotel held by an indirectly owned subsidiary for HK$750 million to three companies, Fine Intellect (20 per cent); All Fame (20 per cent) and Ease Link (10 per cent).

The proceeds of the sale would be used to re-pay bank loans amounting to almost HK$2.9 billion.