English | دری

Third brother arrested in Hong Kong corruption probe

in International Business

Third brother arrested in Hong Kong corruption probe

A third member of Hong Kong’s billionaire Kwok family has been arrested as part of a high-profile corruption investigation in the city.

Sun Hung Kai Properties said that Walter Kwok had been arrested by Hong Kong’s Independent Commission Against Corruption (ICAC) on Thursday night.

Walter Kwok was a former chairman of the firm and the founder’s eldest son.

His two younger brothers and Sun Hung Kai’s joint chairmen, Thomas and Raymond Kwok, were arrested in March.

Rafael Hui, a former adviser to the company and a former high-ranking government official, was arrested by the ICAC on suspicion of bribery and misconduct at the same time as the two brothers.

None of the arrested men have been charged and all have been released on bail.

Walter Kwok was ousted as Sun Hung Kai’s chairman in 2008 amid reports of a feud with his brothers.

Sun Hung Kai’s board said the arrest of Walter Kwok, now a non-executive director, would not affect the normal operations of the company, which is one of the world’s largest property developers.

The company has made the Kwok family one of the richest in the city.

Sun Hung Kai’s shares were suspended on Friday morning and were down 2% when trading resumed in the afternoon.



Related Articles

MPs not convinced by Bob Diamond’s explanations

Some MPs were surprised at the explanation provided by Barclays former CEO Bob Diamond regarding the Libor-rigging scandal. Mr. Diamond

Eurozone looks set for further contraction

According to the recent figures, the Eurozone economy is expected to shrink further in the early months of 2013, with

Fed chief Ben Bernanke says recovery not complete

US Federal Reserve Chairman Ben Bernanke has said the US economy is yet to fully recover from the impact of

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.