Update | SHKP announces management reshuffle after conviction of Thomas Kwok in graft trial
Raymond Kwok becomes the sole chairman as Thomas Kwok's son named executive director
Sun Hung Kai Properties, the biggest property developer in Hong Kong in terms of market value, announced a management reshuffle last night after its co-chairman Thomas Kwok Ping-kwong and executive director Thomas Chan Kui-yuen were found guilty of bribery yesterday afternoon.
Both Kwok and Chan resigned with immediate effect while Thomas Kwok's 31-year old son Adam Kwok Kai-fai was appointed an executive director, the company said in a statement to the stock exchange last night.
Thomas Kwok and Chan were both remanded following the verdict and will appear in court again on Monday for mitigation. Both men will appeal against their convictions, the company said last night.
Kwok's co-defendant, younger brother and SHKP co-chairman Raymond Kwok Ping-luen walked out of court a free man, after being acquitted on all four counts of bribery and of furnishing false information. Raymond Kwok is now the sole chairman of the company.
In its statement, SHKP said that "the company is of the view that the normal daily business and operations of the company and its subsidiaries (together with the group) have not been affected and will not be affected" by the verdict and resignation of the two executives.
"The executive committee of the company continues to be responsible for the day-to-day management and operation of the group as usual," it said.
