Hong Kong Tycoons Arrest

March 29, 2012 by staff 

Hong Kong Tycoons Arrest, Two of Asia’s richest and most influential property tycoons were arrested in Hong Kong on suspicion of corruption, a case that has also ensnared a former top government official in one of the city’s most high-profile bribery allegations in recent memory. Hong Kong antigraft authorities on Thursday arrested property tycoons Raymond Kwok, left, and Thomas Kwok, shown in December.

The arrests of the two chairmen at family controlled Sun Hung Kai Properties Ltd. is a blow to the blue-chip company, one of the world’s biggest real-estate developers, which has built some of the most iconic skyscrapers in Hong Kong’s skyline. In a city where a small group of powerful organizations control real estate, transportation, supermarkets and communication, the sight of two tycoons walking into government offices to answer questions in a corruption case was riveting.

Thomas and Raymond Kwok were arrested Thursday by Hong Kong’s anti-graft agency, Sun Hung Kai said in a statement. The Independent Commission Against Corruption also arrested the city’s former No. 2 official, Rafael Hui, also on suspicion of bribery and on suspicion of misconduct in public office, a person familiar with the situation said. Sun Hung Kai also said the ICAC searched the company’s offices Thursday.

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