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Kwok brothers arrested on corruption charges

By Giulia Cambieri

Billionaire brothers Raymond and Thomas Kwok, who control Sun Hung Kai Properties, one of Asia’s biggest property developers, have been arrested in Hong Kong on suspicion of corruption.

They were arrested on 29 March by the Independent Commission Against Corruption, the company said in a statement, adding that business operations will not be affected and the brothers will maintain their roles within the firm.

Raymond and Thomas serve as joint chairmen and managing directors of the family business, which is Hong Kong’s largest real estate developer by market value with revenues of HKD62.56 billion (€6.04 billion) for the year ended 30 June 2011.

The family is one of the wealthiest in Hong Kong – with a fortune of about $15.4 billion (€11.55 billion), according to Forbes. This is partly thanks to the family business, which is behind some of the city's most famous real estate projects, including its tallest building, the International Commerce Centre.

A former official of the Hong Kong government was also taken into custody for suspected corruption, the ICAC said.

The arrests come one week after Thomas Chan Kui-yuen, another member of the family business’s executive board, was arrested on bribery charges.