The Independent Commission Against Corruption (ICAC) has arrested Thomas Chan Kui-yuen, an executive director of Sun Hung Kai Properties, for suspected bribery, the Hong Kong-listed firm announced yesterday.
Sun Hung Kai, the biggest Hong Kong-listed property developer by market value, said it was informed yesterday by Chan that he had been arrested in connection with one or several suspected bribery offences.
'He is probably the most senior executive at a major developer arrested by ICAC in the past 20 years,' said a source involved in property development.
'It would be unusual for the ICAC to move on someone so senior, unless they considered it carefully,' said Steve Vickers, CEO of Steve Vickers Associates, a Hong Kong investigative and risk consulting firm.
It is not known what the charges against Chan are or how much money is involved in the suspected bribery. He is responsible for Sun Hung Kai's project planning and land acquisitions.
Sun Hung Kai disclosed it has set up a committee comprising one executive director and two non-executive directors to co-operate with the ICAC's investigation. Sun Hung Kai said Chan's arrest will not affect the company's operations.
'If it knows the allegations, Sun Hung Kai should disclose the details for the benefit of shareholders and the public,' said corporate governance activist David Webb.