05/04/2012, 00.00
HONG KONG
Send to a friend

Another Kwok brother arrested. Sun Hung Kai empire shares plunge

After Thomas and Raymond, it is the turn of Walter Kwok. Raphale Hui, former general secretary of the territory, also indicted for bribery. Suspicion of government polizie governing real estate in Hong Kong, the city with the most expensive houses in the world. Since late March, the shares of

Hong Kong (AsiaNews) - Walter Kwok, the former chairman of Sun Hung Kai (SHK), the largest building empire, was arrested by the Anti-Corruption Commission in an investigation that already involves two other Kwok brothers. Walter Kwok is suspected of violating the city's anti-bribery laws.

Kwok was arrested last night, but was released on bail. The sale of SHK shares, suspended in the morning, was re-opened at 1 o'clock in the afternoon so far have lost 1.7%. Since March 29, when the other two brothers, Thomas and Raymond Kwok, were arrested SHK shares have plunged a massive 16%.

Raphael Hui, former government secretary and No. 2 power in Hong Kong, is also involved in the investigation, throwing light on the ambiguous government policies in construction, in an area where houses are the most expensive in the world.

SHK, whose market value is 32 billion U.S. dollars, is the owner of the International Commerce Centre, the tallest building in Hong Kong, with 118 floors. The company also has many luxury homes projects in Wrst Kowloon and in the south of Hong Kong.

All three brothers, all free on bail, declare themselves innocent. The public issue of corruption, is compounded by private a conflict: in 2008, Thomas and Raymond took the Presidency from Walter, accusing him of mental incapacity, for which he sued them in court.

The company said that Walter's arrest "has not affected and will not affect the normal business and operations of the group".

 

TAGs
Send to a friend
Printable version
CLOSE X
See also
Sun Hung Kai share values plunge following arrest of real estate tycoon brothers
30/03/2012
Life sentence for creator of Pudong district, Shanghai's showcase neighborhood
06/02/2009
Thousands of poor people lose their homes to real estate development and plantation farming
21/12/2010
Beijing: local governments should talk with the people to resolve problems
15/04/2009
Corruption probe in Shanghai netting real estate developers
02/10/2006


Newsletter

Subscribe to Asia News updates or change your preferences

Subscribe now
“L’Asia: ecco il nostro comune compito per il terzo millennio!” - Giovanni Paolo II, da “Alzatevi, andiamo”