English | دری

Hong Kong Billionaires in High-Profile Corruption Case

in International Business

Hong Kong Billionaires in High-Profile Corruption Case

Thomas and Raymond Kwok, Head of Asia’s most valuable real estate firm Sun Hung Kai Properties, are alleged for bribing in exchange for information on land sales between 2005 and 2007.

The brothers appeared before the city’s Independent Commission against Corruption (ICAC) earlier on Friday.

Raymond Kwok said he had turned to yoga to deal with the situation.

“I want to encourage people to learn yoga because it can help you to relax and it has helped me to face the challenge in these few months,” he added

On the other hand, his brother Thomas said his Christian faith would help him fight the case, quoting from the Bible the phrase: “Light will shine in the darkness.”

Rafael Hui, formerly Hong Kong’s second highest ranking government official, has also been charged.

Mr Hui, the Kwok brothers and two other businessmen face eight charges including conspiracy to offer advantages to a public servant and misconduct in public office.

The above offences allegedly took place between June 2000 and January 2009, said an ICAC statement.

All five men were charged with the offences related to payments and unsecured loans amounting to HK$34m ($4.38m, £2.84m).

The brothers were taken into custody in March, but are free on bail.

The scandal is believed to be the highest-profile corruption case the city has even seen at a time of widespread collusion between the government and property tycoons.

Hong Kong is one of the least corrupt places in the world, according to Transparency International. However, the scandal risks may hurt the reputation, as it came just a day after Hong Kong’s development secretary was arrested along with three other on corruption charges.



Related Articles

“China’s economic growth is still within the target range” – China’s Premier, Wen Jiabao

China’s Premier, Wen Jiabbao, told the World Economic Forum in Tianjin that China’s economic growth is on the right track

Manchester United to List in New York Stock Exchange

The Red Giants are seeking to list on the US stock market in a share sale that aimed at raising

Apple head Tim Cook says he is not the next Steve Jobs

Apple’s new chief executive Tim Cook has said he is not trying to be the next Steve Jobs. “Steve was

1 comment

Write a comment
  1. john gray
    john gray 14 July, 2012, 10:12

    This kind of corrupted people should give serious punishment.

    Reply this comment

Write a Comment

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

Time limit is exhausted. Please reload the CAPTCHA.