Khoo family hit out at StanChart

THE owners of the largest block of shares in emerging markets lender Standard Chartered have rebuffed comments from the bank's chairman that they have no intention of selling the prized 13.5% stake.

The remarks will refocus investor attention on the fate of the £1.6bn holding, previously held by the late Asian tycoon Khoo Teck Puat but now owned by a trust controlled by some of his children.

Khoo died in February, stoking speculation that his StanChart shares could come into play. Any change in ownership could be a prelude to a takeover bid for the well-regarded bank which makes about two-thirds of its profits in Asia.

The blunt statement from the estate - issued through lawyers in Singapore - also asked StanChart executives not to speculate about what they may do with the shares.

The trustees 'have not given any indication of their intentions for the stake, and neither will they comment on Mr [Bryan] Sanderson's interpretation of the Trustees' intentions', their statement said.

Earlier this week, Sanderson told reporters his understanding was that the estate 'is not going to do anything with' the shares.

He added that their interest 'appears to be long term'. A Stan-Chart spokesman said Sanderson had been quoted selectively, and he had 'made it clear that this was a question for the shareholder and not for the company'. StanChart has been expanding its interests in Asia. It is in talks with a local partner to take control of an Indonesian bank, and plans to expand in China.