HK graft scandal widens
Source: Agencies |
May 14, 2012, Monday
|
Print Edition
Print Edition
SUN Hung Kai Properties board member Thomas Chan is set to return for bail renewal at Hong Kong's anti-corruption agency today in a widening graft scandal involving one of Asia's richest families.
Chan was the first person named in the probe that has shocked shareholders and the business community in Hong Kong, and threatened to cut into the knot binding its clubby tycoon-dominated economy with some government officials.
Investigators arrested ousted Sun Hung Kai Chairman Walter Kwok, 61, on May 3. The case also has claimed his estranged brothers Thomas, 60, and Raymond, 58. It has ensnared a childhood friend, Rafael Hui, Hong Kong's chief secretary from 2005 to 2007.
Chan, 65, heads land purchases at Sun Hung Kai, Asia's largest and the world's second biggest developer with a stock-market value of US$30 billion. The company said Chan was arrested by Hong Kong's Independent Commission Against Corruption in connection to alleged bribery.
Chan was the first person named in the probe that has shocked shareholders and the business community in Hong Kong, and threatened to cut into the knot binding its clubby tycoon-dominated economy with some government officials.
Investigators arrested ousted Sun Hung Kai Chairman Walter Kwok, 61, on May 3. The case also has claimed his estranged brothers Thomas, 60, and Raymond, 58. It has ensnared a childhood friend, Rafael Hui, Hong Kong's chief secretary from 2005 to 2007.
Chan, 65, heads land purchases at Sun Hung Kai, Asia's largest and the world's second biggest developer with a stock-market value of US$30 billion. The company said Chan was arrested by Hong Kong's Independent Commission Against Corruption in connection to alleged bribery.
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