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HK tycoon duo’s graft trial starts tomorrow
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TWO of Hong Kong’s richest tycoons will go on trial tomorrow in the city’s biggest-ever corruption case — which analysts say threatens to cast an uncomfortable spotlight on cosy ties between officials and wealthy moguls.
Thomas and Raymond Kwok, who jointly chair development giant Sun Hung Kai Properties, and Hong Kong’s former chief secretary Rafael Hui were arrested in a major swoop by the city’s anti-graft watchdog in March 2012.
The two brothers, ranked fourth on the Forbes Hong Kong 2014 rich list, were accused by the watchdog of bribing Hui, who held the government’s second-highest position and is the most senior official ever arrested for graft.
They were among five people charged with eight offenses related to payments and unsecured loans amounting to HK$34 million (US$4.38 million). All have pleaded not guilty.
The others include another Sun Hung Kai director Thomas Chan, and Francis Kwan, the former non-executive director of New Environmental Energy Holdings, an investment company.
The case has shocked Hong Kong, where Sun Hung Kai is the biggest property developer by market capitalization and owns some of the city’s most iconic real estate.
However, the arrests have revived discussion on links between wealthy tycoons and officials that have long raised public suspicion.
Tanrich Securities’ Vice President Jackson Wong said the Kwok brothers case is a “wake-up call for all the tycoons” in Hong Kong.
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