Latest news with #CNTSecurity
South China Morning Post
5 hours ago
- Business
- South China Morning Post
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.
South China Morning Post
2 days ago
- Business
- South China Morning Post
2,000 jobs at risk as leading Hong Kong security firm confirms impending closure
A leading security firm in Hong Kong chaired by a retired senior police officer will cease operations before next April, with more than 2,000 employees expected to be laid off. CNT Security Company attributed the decision to a recent board resolution. The news emerged after the company informed the landlords of Allway Gardens, a residential estate in Tsuen Wan, that their request to extend its contract until December this year could not be fulfilled. The letter, dated June 20, was signed by the company's general manager, Mario Wu. Chiu Yan-loy, a former Tsuen Wan district council member and now secretary of the Allway Gardens owners' corporation, said residents were surprised. 'Residents were rather shocked when learning the news. We have been using the company's service for more than 10 years, and most residents are very happy with its service,' he said. Chiu added that CNT Security had proposed increasing management fees following the recent rise in the minimum wage to HK$42.10 (US$5) per hour, an issue the owners' corporation planned to discuss at a later meeting. 'There has not been any sign of financial or manpower difficulty,' he added. 'But then came such news without warning.
