Thomas and Raymond Kwok, the billionaire brothers who run Hong Kong’s second-largest developer, used sham contracts to disguise millions of dollars of payments to the Chinese city’s former No. 2 official, the High Court was told.
Rafael Hui negotiated a private consulting agreement with the billionaire brothers running Sun Hung Kai Properties Ltd. at the same time the Hong Kong pension authority he headed agreed to renew its lease with the company in 2003, the city’s High Court was told.
Rafael Hui, Hong Kong’s former No. 2 official, used his position of power to serve his own private interest and received secret and disguised payments from Sun Hung Kai Properties Ltd., prosecutor David Perry said.
Thomas and Raymond Kwok, the billionaire brothers running Hong Kong’s second-largest developer, and the Chinese city’s former No. 2 official pleaded not guilty today to charges including conspiracy to commit misconduct in public office.
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.