Sun Hung Kai executive arrested over suspected bribery

Tue Mar 20, 2012 3:08am EDT
 
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By Sisi Tang and Alex Frew McMillan

HONG KONG (Reuters) - A senior executive at Sun Hung Kai Properties Ltd (0016.HK: Quote), Asia's largest property developer by market value, has been arrested by Hong Kong's anti-graft body over suspected bribery, in a rare case for a major property company in the city.

Thomas Chan Kui-yuen, a Sun Hung Kai executive director responsible for project planning and land acquisitions, was arrested by Hong Kong's Independent Commission Against Corruption (ICAC) in relation to allegations of bribery, the company said. It did not give more details of the alleged offence.

Sun Hung Kai is run by brothers and joint chairmen Thomas and Raymond Kwok. The Kwoks are Hong Kong's second-richest family, according to Forbes magazine, with a net worth of $18.3 billion as of March.

The company has set up a special committee to handle the ICAC investigation, the developer said in a statement late on Monday.

A spokesman for Sun Hung Kai said on Tuesday that it had no further details to add. The ICAC declined to comment on an individual case.

EXCEPTIONAL CASE

One analyst, who did not want to be identified given the sensitive nature of the allegations, said there had not been a similar case at a major Hong Kong developer since the analyst started covering the sector 15 years ago.

The Standard newspaper reported that Chan was particularly active in assembling the land at Ma Wan, where the company is marketing its multitower Park Island apartment project, and at The Vineyard, a luxury low-rise development in rural Yuen Long.   Continued...

 
Sun Hung Kai Properties Ltd Executive Director Thomas Chan Kui-yuen attends a news conference in Hong Kong September 15, 2011. REUTERS/Tyrone Siu