Sun Hung Kai Properties Ltd. said former Chairman Walter Kwok resigned as a non-executive director after the family reached an agreement on its interests in Hong Kong’s second-largest developer by market value.
Sun Hung Kai Properties Ltd.’s biggest shareholder, Kwong Siu-hing, transferred part of her holdings in the Hong Kong developer to sons and co-chairmen Thomas and Raymond Kwok, according to the family trust.
Sun Hung Kai Properties Ltd. Co- Chairman Raymond Kwok denied any wrongdoing and his brother Thomas said it was business as usual five days after Hong Kong’s anti-graft regulator detained the pair as part of a bribery investigation.
The billionaire co-chairmen of Hong Kong’s biggest property developer will face bribery-related charges, public broadcaster Radio Television Hong Kong reported as Thomas and Raymond Kwok returned to the headquarters of the city’s anti-graft agency three months after being arrested.
The billionaire co-chairmen of Hong Kong’s biggest developer Sun Hung Kai Properties Ltd. and the city’s former No.2 government official were charged with bribery and public misconduct by the city’s anti-graft agency.
Thomas and Raymond Kwok, the billionaire co-chairmen of Sun Hung Kai Properties Ltd., pleaded not guilty to corruption charges involving payments and loans to Hong Kong’s former No. 2 official Rafael Hui.