The new startup Greater Bay Airlines is appointing Algernon Yau, head of the now-defunct Cathay Dragon, as its CEO starting in January, according to an internal letter issued by its founder and Chinese property tycoon Bill Wong.

Speaking to Apply Daily on the phone, Wong neither confirmed nor denied the news and only said he would not comment. The company has submitted a Notice of Change of Company Secretary and Director to the government registry on Dec. 17, one day after the internal memo was issued. The notice cannot be accessed as it is still being processed.

Cathay Dragon, which was under Hong Kong’s flagship carrier Cathay Pacific Airways, surrendered its operating license to the authorities on Nov. 11, after the regional subsidiary was axed. Yau reportedly turned down an offer of a consultant role from the parent company and is formally retiring from his post this week.

First joining the company in 1982, Yau has spent almost four decades at Cathay. He took the helm of the regional airline in 2014 to oversee its strategic development and became a managing director on the board in 2015, pocketing up to HK$2.23 million (US$257,950) in annual salary and subsidies.

In 2016, he ran against Frankie Yick from the pro-business Liberal Party for a seat in the Legislative Council to represent the transport functional constituency and eventually lost. In a media interview then, he said he was a “localist” born and bred in Hong Kong, instead of a pro-Beijing candidate, hence losing the election.

The aviation industry veteran also stirred controversy last year by sharing social media posts that supported Hong Kong police on his personal page.

According to industry insiders, Greater Bay Airlines, which has yet to obtain an air transport license, is already recruiting staff members, including pilots from Cathay Dragon. The upstart carrier is also training pilots to operate Boeing 737 jets and will launch its services with five aircrafts.

Wong said the company is still waiting for the authorities to issue an Air Operator’s Certificate, while the aircrafts are expected to arrive in February or March next year. The company will also apply for a license from the Air Transport Licensing Authority after the planes pass safety inspection of the Civil Aviation Department. Until then, it is too early to tell if the company can take over the traffic rights of Cathay Dragon, said Wong.

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