Sun Hung Kai Kwoks, Ex-Hong Kong Official Bail Extended
Stock Chart for Sun Hung Kai Properties Ltd (16)
(Corrects Francis Kwan’s title in the fifth paragraph in story published Oct. 12.)
Sun Hung Kai Properties Ltd. (16)’s billionaire co-chairmenThomas and Raymond Kwok and Hong Kong’s former No. 2 official Rafael Hui, facing bribery-related offenses, had their bail terms extended today.
Acting Principal Magistrate Bina Chainrai set Jan. 25 for the next hearing in the case. The three men were first arrested in March and charged in court on July 13.
Director of Public Prosecution Kevin Zervos told the court that more time was needed to gather evidence from overseas.
The Kwok brothers, an executive of the world’s biggest developer by value and another man conspired to provide payments, loans and the free use of apartments to Hui, the city’s former Chief Secretary, for unspecified favors, according to the charges. The payments and loans totaled more than HK$35 million ($4.5 million), according to the Independent Commission Against Corruption.
Sun Hung Kai executive director Thomas Chan and Francis Kwan, a former senior executive of the Hong Kong Exchanges & Clearing Ltd., are the two other men charged in the case. Chan was the first among the five defendants to be arrested by the ICAC.
Thomas and Raymond Kwok were granted cash bail of HK$10 million each in July, while Hui’s bail was HK$500,000. Hui and Kwan were also ordered not to leave Hong Kong. Their bail was extended on the same terms today.
Thomas Kwok, 61, and Raymond Kwok, 59, have previously denied wrongdoing and said they will continue to discharge their duties with the assistance of deputy managing directors Mike Wong and Victor Lui, who were promoted in July. Adam Kwok, a son of Thomas, and Edward Kwok, a son of Raymond, were named as alternative directors to their fathers.
All five accused men declined to speak to reporters at the court today.
The case is Hong Kong Special Administrative Region v Rafael Hui, Thomas Kwok, Raymond Kwok, Thomas Chan and Francis Kwan, ESCC2530/2012 in the Hong Kong Eastern Magistrate’s Court
To contact the reporter on this story: Kelvin Wong in Hong Kong at email@example.com
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