Alex Frew McMillan And Joy Leung – Reuters – Billionaire Kwok Brothers Arrested For graft In Hong Kong – 31 March 2012

(Picture) Thomas Kwok (R) and his younger brother Raymond Kwok, both Vice Chairman & Managing Director of Sun Hung Kai Properties, listen to a question during a news conference announcing the company’s interim results in Hong Kong in this March 11, 2009 file photo. Hong Kong’s Independent Commission Against Corruption on March 29, 2012 arrested two senior company executives, identified in the media as Sun Hung Kai Properties tycoon brothers Raymond and Thomas Kwok, for suspected corruption. REUTERS/Bobby Yip/Files

(Reuters) – Hong Kong’s Independent Commission Against Corruption on Thursday arrested the chairmen of Sun Hung Kai Properties, brothers Raymond and Thomas Kwok, on suspicion of corruption, the company said.

The Kwoks own $18.3 billion, the second-biggest family fortune in Hong Kong after Asia’s richest man, Li Ka-shing, founder of rival developer Cheung Kong (Holdings), according to Forbes magazine.

The company issued a statement saying the Kwoks would continue with their duties as chairmen and managing directors of Sun Hung Kai, Asia’s largest developer by market value, and that normal business operations would not be affected.  Read more at: http://www.reuters.com link to original article or http://www.activistawake.com link to article

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