Sun Hung Kai’s Kwoks Face New Bribery Charge Before Trial
Raymond Kwok faces two more charges including for conspiracy to commit misconduct in a public office and Thomas Kwok faces one additional charge, Sun Hung Kai said today in a statement. The case has not and will not affect the company’s operations, it said. The trial is scheduled to start May 8.
Hong Kong’s anti-graft agency opened one of the city’s most high-profile corruption cases in 2012 when it charged the Kwok brothers and two other men for conspiring to provide payments, loans, and property use to Rafael Hui, a former No. 2 official in the city. All five defendants have pleaded not guilty to charges including misconduct in public office and furnishing false information.
The brothers will be added to the charge of conspiring, with two other men, to offer advantage to a public servant, Kit Hung, a spokeswoman for the Department of Justice, said earlier today. Previously, only Hui and the two men were charged with the offense.
Sun Hung Kai’s stock slid 0.4 percent in Hong Kong trading as of 1:49 p.m., against a 0.6 percent decline in the benchmark Hang Seng Index.
Thomas Kwok has a net worth of $8.2 billion and Raymond Kwok is worth $8.3 billion, according to the Bloomberg Billionaires Index.
Sun Hung Kai’s financial services unit last August sued Hui for HK$3.16 million ($407,358) over a loan. Hui was declared bankrupt by the city’s High Court, Radio Television Hong Kong reported in November, citing court proceedings.
The case is Hong Kong Special Administrative Region v Rafael Hui, Thomas Kwok, Raymond Kwok, Thomas Chan and Francis Kwan, HCCC98/2013 in Hong Kong’s High Court.