Hong Kong security firm's coming closure ‘not a warning sign for industry'
The
impending closure of one of Hong Kong's leading security firms does not sound the alarm about a wave of industry shutdowns, trade representatives have said, while staff shortages remain a challenge for businesses.
Johnny Ho Kai-man, chairman of the Chamber of Security Industry, told the Post that the closure of CNT Security Company could be described as a 'glorious winding up'.
Ho said the company was respected in the industry and that it did its due diligence by laying out a road map for its expected closure next April.
'The termination of contracts with its clients and staff was done gradually to reduce the impact on them,' he said.
'Compared with the recent waves of business closures in which some companies just pulled the shutters on customers and staff suddenly, this is considered legally responsible.'
The firm, chaired by a retired senior police officer, will cease operations before next April, with more than 2,000 employees expected to be laid off.
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