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.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Sun Hung Kai Properties Ltd., the world’s second-biggest developer by market value, set a lower sales target for this year and said it will build more small apartments as Hong Kong stepped up measures to curb prices.