Fri, July 13, 2012
Business > Industries

Billionaire HK property tycoons charged in bribery case

2012-07-13 09:59:22 GMT2012-07-13 17:59:22(Beijing Time)  SINA.com

Thomas Kwok, co-chairman of Hong Kong developer Sun Hung Kai Properties, arrives at the Independent Commission Against Corruption (ICAC) headquarters in Hong Kong July 13, 2012. REUTERS/Tyrone Siu

Thomas and Raymond Kwok, the billionaire co-chairmen of Sun Hung Kai Properties, and Rafael Hui, Hong Kong's former No.2 public official, were charged Friday in a bribery investigation surrounding Asia's largest developer.

The Sun Hung Kai probe, Hong Kong's biggest corruption case since its anti-graft agency was formed nearly 40 years ago, involves one of Asia's most powerful families and the world's second-largest property company with a market capitalization of $32 billion.

Friday's charges came a day after the anti-graft agency arrested Hong Kong's development secretary on suspicion of corruption.

Two others have also been charged in the Sun Hung Kai case. Thomas Chan, the Sun Hung Kai board member in charge of land purchases, and Francis Kwan, a former banker, were charged by the city's Independent Commission Against Corruption.

A total of eight charges were filed against the five men, including conspiracy to offer advantages to a public servant and misconduct in public office.

(Agencies)

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