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New bribery charges brought against HK real estate titans

Photo of Raymond and Thomas Kwok, courtesy of YouTube and Forbes Asia VideoCo-chairmen of Sun Hung Kai Properties Ltd. in Hong Kong, Thomas and Raymond Kwok, received new charges in the ongoing bribery investigation of them on Thursday.

Hong Kong’s anti-graft agency, the Independent Commission Against Corruption (ICAC), brought a new charge against Thomas, conspiracy to offer advantages to a public servant, and two more against Raymond — that conspiracy charge, plus conspiracy to commit misconduct in a public office.

The billionaire Kwok brothers were first charged in August 2012 with conspiring with two other men to provide favors and $4.4 million in unsecured loans to Rafael Hui, formerly the number-two official in Hong Kong’s government. ICAC brought a total of eight bribery-related offenses against the five men at the time.

All five defendants pleaded not guilty to the offenses, including charges of misconduct in public office and furnishing false information.

The new charges the brothers face are the same ones the ICAC brought against Hui and the men they allegedly conspired with back in 2012. Those men are Thomas Chan, a board member in charge of land purchases at Sun Hung Kai Properties and Francis Kwan, a former banker.

The payments and unsecured loans allegedly furnished to Hui amounted to over $35 million and took place between June 2000 and January 2009.

Sun Hung Kai Properties’ corporate announcement regarding Thursday’s charges can be viewed here.


Julie DiMauro is the executive editor of FCPA Blog and can be reached here.

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