Two next-gens have been appointed alternative directors of Sun Hung Kai Properties, after family members Thomas and Raymond Kwok were charged with corruption on Friday.
Hong Kong’s Independent Commission Against Corruption charged the billionaire Kwok brothers, alongside three other people, with offences related to bribery and misconduct between 2000 and 2009.
The brothers, who come from Hong Kong’s second richest family, as well as Chan Kui-yuen, an executive director at SHKP, and Francis Kwan Hung-sang, a former senior staff member of the Hong Kong stock exchange, were accused of paying former chief secretary for administration Rafael Hui for information related to land sales. Hui was accused of receiving a series of payments.
Trading in SHKP’s shares was suspended this morning. The company has applied to begin trading again on 16 July.
The family business also held a board meeting on Friday, where Thomas’s son Adam, 29, and Raymond’s son Edward, 31, were appointed alternative directors. Mike Wong and Victor Lui were named as deputy managing directors of the business.
In a statement, SHKP said: “The company is of the view that the normal daily business and operations of the group will not be affected.
“Mr Thomas Kwok and Mr Raymond Kwok will also continue to undertake and discharge their duties as joint chairmen and managing directors of the company with the assistance of the new deputy managing directors.”
The brothers, who were first arrested in March, are worth about $18.3 billion (€15 billion), according to Forbes.