Hong Kong's second-largest developer said the billionaire brothers Thomas and Raymond Kwok are facing new bribery charges. According to a Businessweek report, Sun Hung Kai Properties Ltd said that the brothers and a former chief secretary are involved in another bribery case.
According to the Bloomberg Billionaires Index, Thomas is worth $8.2 billion, while his brother Raymond is worth $8.3 billion.
In a statement, Sun Hung Kai said today that Raymond Kwok is to face two additional charges, which include conspiracy to commit misconduct in a public office. His brother Thomas, on the other hand, will face one charge. Sun Hung Kai clarified in its statement that the charges against the brothers will not be affecting the company's operations. Both brothers are chairman of the property developer. Businessweek said that the trial is set to begin on May 8.
The anti-graft agency of Hong Kong opened one of the most high-profile corruption cases in the city two years ago when it charged the brothers and two other men for conspiring to provide property use, loans and payments to Rafael Hui. Hui was a former number two official in Hong Kong, Businessweek said. The five defendants entered not guilty pleas to charges, which include public office misconduct and for providing false information.
Hong Kong Department of Justice Kit Hung said earlier today that the government will be charging Kwoks with two other men conspiracy to offer advantage to a public official. Businessweek noted that only Hui and two others were initially charged for the alleged crime.
Perhaps in a reflection of investor sentiment of the recent news, stock of Sun Hung Kai dropped 0.4% in trading in Hong Kong as of 1:49PM, compared to the 0.6% decrease logged by benchmark Hang Seng Index, Businessweek said.
In August last year, the financial services unit of Sun Hung Kai filed a case against Hui over a loan for HK$3.16 million or $407,358. Radio Television Hong Kong cited court proceedings in November that Hui was declared bankrupt by Hong Kong's High Court.
