Share |

Eldest and estranged Kwok brother arrested

Walter Kwok, the former chief executive of family business Sun Hung Kai Properties, has been arrested for alleged corruption, just weeks after his two brothers were also detained.

Walter Kwok, the former chief executive of family business Sun Hung Kai Properties, has been arrested for alleged corruption, just weeks after his two brothers were also detained.

The eldest son of the company’s founding family, Walter has been accused of bribery by Hong Kong’s Independent Commission Against Corruption. His younger brothers, Raymond and Thomas, were previously arrested in March but all of them have been released on bail.

The detainment was part of an ongoing investigation by the city’s anti-corruption group on bribery at the real estate conglomerate, founded in 1963 and majority owned by the Kwok family.

Besides the Kwok brothers, who deny wrongdoing and haven’t been charged, Hong Kong’s former chief secretary Rafael Hui was also arrested in March.

In an interview with South China Morning Post, Walter attempted to distance himself from the family business and put the blame on his brothers.

“[Hui] was employed by my two brothers and he worked for my two brothers. I really have no idea what he was doing,” he told the local newspaper.

In a statement, the company said the arrest “has not affected and will not affect the normal business and operations of the group”.

The family first made headlines in 2008, amid a feud over control of the company, set up by the late Kwok Tak-seng.

Thomas, 60, and 58-year-old Raymond, who are joint chairmen at the family company, are estranged from their brother Walter, who was ousted as chairman and chief executive in 2008, but remains a director.

One of the richest families in Asia, the Kwoks are estimated to be worth around €12 billion by Forbes. Since the first arrests, shares of Sun Hung Kai Properties have dropped by more than 10%.

Click here >>
Close