HK tycoon brothers arrested
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E-mail China.org.cn, March 31, 2012
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Raymond Kwok/Thomas Kwok, joint chairment and managing directors of Sun Hung Kai Properties Ltd. [File photo] |
![Raymond Kwok/Thomas Kwok, joint chairment and managing directors of Sun Hung Kai Properties Ltd. [File photo]](http://images.china.cn/attachement/jpg/site1007/20120331/001aa0ba5c8510e0bb0f09.jpg "Raymond Kwok/Thomas Kwok, joint chairment and managing directors of Sun Hung Kai Properties Ltd. [File photo]")
Two billionaire brothers who run Sun Hung Kai Properties Ltd, one of Asia's biggest property developers, have been arrested on suspicion of bribery, BBC reported.
Thomas and Raymond Kwok, joint chairmen and managing directors of the developer were taken into custody by Hong Kong's Independent Commission against Corruption.
Rafael Hui, former No. 2 head of Hong Kong, was also detained by the Commission for corruption charges, Bloomberg reported, citing people close to the matter.
Last week, one of the company's executive directors was arrested over suspected bribery. Thomas Chan Kui-yuen was responsible for land acquisition and project planning.
Share price Sun Hung Kai, the world's second largest property developer by market capitalization, was down as much as 15 percent in the first four hours of trading Friday, losing nearly US$6 billion in market value.
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