Sun Hung Kai Properties
Sun Hung Kai Properties is one of Hong Kong’s largest property groups, with revenue of HK$68.4 billion in the 2011-2012 financial year, and profit attributable to shareholders of HK$43.08 billion. The company has been shaken in recent years by disputes between family members, with chairman and chief executive Walter Kwok being forced to step down in a dispute with his brothers Thomas and Raymond. In March, the Independent Commission Against Corruption (ICAC) arrested senior officials as part of a corruption probe that also included former chief secretary Rafael Hui.
Crunch time in Sun Hung Kai graft probe
An unprecedented anti-corruption investigation into the tycoon brothers who head Hong Kong's richest property dynasty and their alleged links to a former top government official will reach a critical stage just days after the city's new leader is sworn in on July 1.
Informed sources have told the Sunday Morning Post that all nine people currently on bail in connection with the Independent Commission Against Corruption probe into allegations of bribery and misconduct in public office relating to Sun Hung Kai Properties will report back to the anti-graft agency on Friday, July 13, by which time the Department of Justice is expected to have made a decision on whether to prosecute them or not.
The date will mark 117 days since the sensational arrest of tycoon brothers Thomas Kwok Ping-kwong, 59, and Raymond Kwok Ping-luen, 58, by the ICAC along with former chief secretary Rafael Hui Si-yan, 64, the man who masterminded Chief Executive Donald Tsang Yam-kuen's election campaign.
These arrests were followed by that of the third and eldest Kwok brother, Walter Kwok Ping-sheung, 61, on May 3, who has been estranged from his brothers since a bitter family feud erupted in 2008.
The first arrests connected to the complex investigation came in mid-March this year when SHKP executive director Thomas Chan Kui-yuen, and four unidentified individuals were picked up by anti-graft agents. No one has been formally charged.
'All of those on bail are expected to report back to the ICAC on July 13, by which time it is believed the Department of Justice will have made their decision,' a law enforcement source told the Post. The date was confirmed by a second, private sector source. It is thought to be the first time all nine suspects have been recalled on the same date.
The ICAC and the Department of Justice declined to comment.
Meanwhile, Kwok family matriarch Kwong Siu-hing remained in Prince of Wales Hospital, Sha Tin, last night after being admitted with an unknown illness on Friday. The 83-year-old has been visited by all of her sons since she was admitted.