Hong Kong tycoon Thomas Kwok found guilty of corruption

Hong Kong tycoon Thomas Kwok found guilty of corruption

Hong Kong tycoon Thomas Kwok found guilty of corruption

Written by Staff Writer

22 Dec, 2014 | 8:51 am

Hong Kong property tycoon Thomas Kwok and former government official Rafael Hui have been found guilty in the city’s biggest-ever corruption case. His younger brother Raymond Kwok was acquitted and cleared of all charges. The billionaire brothers are the co-chairmen of the city’s largest property developer, Sun Hung Kai Properties. They and three others were accused of giving bribes in exchange for information on land sales between 2005 and 2007.

All five, arrested in March 2012, had pleaded not guilty to the charges. The nine-member jury deliberated for five days and also convicted two others for their role in the case. The trial, which lasted more than three months, has highlighted the close ties between some of Hong Kong’s most powerful businessmen and government.

The Kwok brothers are estimated to be worth more than $10bn (£6.38bn) each, ranking them among Asia’s richest people. Their company is one of the world’s most valuable real estate companies. However, the brothers’ arrest more than two years ago caused its shares to plunge to a 14-year low, erasing billions in market value. Sun Hung Kai Properties saw its shares suspended from trade earlier today pending the verdict.

Source : BBC

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