Sun Hung Kai’s Walter Kwok Has Bail Conditions Removed

Hong Kong’s Independent Commission Against Corruption removed all conditions attached to the bail of Walter Kwok, the former chairman of Sun Hung Kai Properties Ltd., the company said.

The anti-graft agency made the change on Oct. 9, Sun Hung Kai said in a filing to Hong Kong’s stock exchange yesterday.

Kwok, a non-executive director of Hong Kong’s second-biggest developer by value, was released on bail in May 2012, after being arrested as part of the probe of his brothers Thomas and Raymond Kwok and the city’s former No.2 government official, Rafael Hui.

Raymond and Thomas were granted cash bail of HK$10 million ($1.29 million) each last October and Hui’s bail was HK$500,000. Walter, who is estranged from his younger brothers, had not been charged.

Thomas and Raymond, sons of the developer’s late co-founder Kwok Tak-seng, took over running Sun Hung Kai in May 2008 after ousting their older brother from the chairmanship following a court battle.

(Corrects Kwok’s title in third paragraph.)
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