Quantcast
Latest Stories

Hong Kong corruption watchdog arrests Kwok brothers



HONG KONG—Hong Kong’s anti-graft body on Thursday arrested two of Asia’s richest property developers, Thomas and Raymond Kwok, for alleged corruption as part of an ongoing bribery probe.

The Independent Commission against Corruption (ICAC) said two senior executives and a former senior government official had been detained in connection with alleged bribery offences.

“Another senior executive of the listed company and four others were earlier arrested for their alleged roles in the same case. While enquiries are continuing, no further comments will be made,” it said.

The commission did not name the suspects but Sun Hung Kai Properties, the property giant co-chaired by the Kwok brothers, confirmed their arrest in a statement to the Hong Kong stock exchange late Thursday.

“The company has been required to provide certain information with regard to the allegations to the ICAC pursuant to a search warrant pertaining to the company’s premises,” it said.

The Kwoks had the full backing of the board and would continue in their current roles as co-chairmen and managing directors, it added.

Television footage showed Raymond Kwok entering the ICAC’s offices earlier in the day.

State-run broadcaster RTHK reported that former chief secretary Rafael Hui also had been arrested.

The Kwoks are the southern Chinese city’s richest real estate moguls and Sun Hung Kai is Hong Kong’s largest developer by market capitalization. The Kwok family’s wealth is estimated at $18.3 billion by Forbes magazine.

The ICAC arrested senior Sun Hung Kai executive Thomas Chan earlier this month in relation to a bribery case, according to RTHK.

Shares in Sun Hung Kai and two of its units, SmarTone Telecommunications Holdings and SUNeVision Holdings, were suspended from trading in Hong Kong pending the release of price-sensitive information.

The blue-chip developer, which built and owns some of the most famous landmarks in Hong Kong, earlier reported an interim net profit of HK$21.13 billion ($2.72 billion) for the six months to December 31, 2011.

Revenue from property sales was HK$21,430 million, and net rental income amounted to HK$5,275 million.

The group has properties around Asia, including Hong Kong’s Four Seasons Hotel, International Finance Center and recently developed International Commerce Center, the city’s tallest building.

“Maintaining high standards of corporate governance is always an integral part of the group’s business philosophy,” it said in the earnings report.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Corruption , Hong Kong , Raymond Kwok , Thomas Kwok

  • kapitanvic1

    Sun Hung Kai’s stock price plunged 13 percent, for a loss of $4.9 billion in market value yesterday. 
    Whatever happened to Walter Kwok, the chosen eldest son by the late father to run the business who was detrhoned by Thomas and Raymond after being kidnapped and ransom paid to the tune of $77Million? The Kwok family is one of the richest in the world.

  • http://joboni96.myopenid.com/ joboni96

    yayaman ba ng ganyan
    kung walang illegal

    para ding mga intsik
    dito sa atin

    magtanong ka sa
    bir at customs

    • http://pulse.yahoo.com/_CZS2DG54GHTF7WV34AKNR6JSRE ferds

      At least kayang ipakulong, dito si Henry Sy at nga Chinese Billionaire ini exploit yung mga trabahador at emplyedo, walang ginagawa ang gobyerno.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Seabed search for missing Malaysian jet to widen
  • Lacson rejects calls to name ‘pork’ execs
  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • Marketplace