Kwok brothers deny wrongdoing following arrest by anti-corruption watchdog

Brothers Thomas and Raymond Kwok, joint chairmen of listed Hong Kong property developer Sun Hung Kai Properties Limited (SKHP), have denied any wrongdoing after their arrest last week in relation to an ongoing bribery investigation. 

The Kwoks were arrested by Hong Kong’s Independent Commission against Corruption (ICAC) on March 29 in connection with an “investigation into suspected offences allegedly committed under the Prevention of Bribery Ordinance”.

Flanked by senior SKHP executives and board members at a press conference at outside their Harbour Road headquarters, Raymond Kwok said he had done nothing wrong and was confident that his brother “has also done nothing wrong”. 

“I hope to see my name cleared after this investigation,” Raymond Kwok said, adding that the company would continue to operate as usual. 

Shares in SKHP have fallen 13% since the Kwok brothers were arrested. 

No formal charges have been laid against the Kwoks or former senior government official Rafael Hui, who was also arrested in relation to the investigation. 

All three were released on bail on Friday, March 30. 

On the weekend following the arrests of the Kwok brothers and Hui, Hong Kong chief executive Donald Tsang said his administration would spare no effort in fighting corruption but would not comment on the progress of the investigation.

The arrest of the Kwoks was followed a few days later by the release of ICAC’s annual survey, which found that almost 80% of the 1,500 people surveyed have a zero tolerance against corruption in Hong Kong.

 

 

 

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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