THE POLITICISATION OF BUSINESS
When announcing the deal, CK Hutchison’s co-managing director Frank Sixt stated that it was “purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports”. However, subsequent events have shown that the deal is far more than purely commercial.
US media reports suggest that Mr Larry Fink, BlackRock’s chairman and CEO, contacted Mr Trump to pitch the Panama Canal deal. This raises questions about the Li family’s evolving relationship with Chinese leadership.
Mr Li Ka-shing, dubbed “Superman” by Hong Kong media for his business acumen and connections, previously secured exclusive meetings with China’s leaders, including Deng Xiaoping and Jiang Zemin, during the first 20 years of reform and opening up. However, over the past two decades, his family’s relations with Beijing have cooled.
While Mr Fink has direct access to Mr Trump, the Li family may not enjoy the same privilege with Zhongnanhai, the compound where China’s top leaders live and work that is considered the equivalent of the White House.
Perhaps the Li family genuinely believes the deal is purely commercial or they believe informing Beijing would complicate the deal. Either way, the ensuing controversy should serve as a wake-up call for them and other tycoons in Hong Kong.
It pains me to say that the politicisation of business, especially in multibillion transnational deals in strategic industries, will become the new normal not only in the US, China and Hong Kong, but worldwide.
Wang Xiangwei is a former Editor-In-Chief of South China Morning Post. He now teaches journalism at Hong Kong Baptist University.
