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Hong Kong billionaires in hot water

October 14, 2012 Leave a comment

Big News Network.com Saturday 13th October, 2012


In Hong Kong, the billionaire Kwok brothers have been given an adjournment in their high profile corruption trial.

The tycoons, Thomas and Raymond Kwok, were arrested in march by the Independent Commission Against Corruption which had been given the go-ahead to deal with widespread corruption.

The adjournment came when the prosecution called for more time to gather evidence.

The Kwok’s run Sun Hung Kai Properties which is listed on the Hong Kong stock exchange. It is the world’s second-largest property developer by stock-market value.

The brothers are charged with a total of eight offences including conspiracy to offer advantages to a public servant.

A top government official, Rafael Hui, has also been charged along with two other people, Thomas Chan, an executive in charge of land acquisition at Sun Hung Kai, and Francis Kwan, a former banker.

It has been alleged payments and unsecured loans totalling around US$5 million were made.