Billionaire Brothers Say 'Not Guilty' To Charges Of Bribing Top Official
Thomas Kwok, center, leaves the Eastern Law Courts on July 13, 2012Thomas and Raymond Kwok have entered pleas of not guilty on the first day of their corruption trial. The cochairmen of Hong Kong's second-largest property developer, Sun Hung Kai Properties Sun Hung Kai Properties (SHKP), are accused of making a series of payments and loans totaling more than HK$35 million to the former Chief Secretary for Administration Rafael Hui.
Thomas Chan, a board member at SHKP, and Francis Kwan, a former Hong Kong Stock Exchange official, have also been charged in the case. All five defendants were present in a packed courtroom surrounded by crowds of reporters and photographers.
Arrested over two years ago, the Kwoks began their trial today is the biggest corruption case this city has seen in decades. With a net worth of $12.6 billion, the brothers are currently ranked the fifth wealthiest people in Hong Kong. Their father, Kwok Tak Seng, cofounded SHKP back in the late 1950s. Billionaire Lee Shau Kee was one of the patriarch's partners and still sits on the company's board. SHKP controls one of the largest portfolios of property in Greater China, having built many of the iconic towers that define Hong Kong's skyline.
The legal fees for the trial, which is scheduled to last 70 days with reports that over 80 witnesses are to be called by the prosecution, seem likely to dwarf the sums of the alleged bribes paid to Hui. Thomas is represented by Clare Montgomery, while John Kelsey-Fry will represent Raymond. The prosecution team includes David Perry and Louis Mably.
Walter, the eldest of the three Kwok brothers, was also arrested by Hong Kong's Independent Commission Against Corruption, but no charges were filed against him. Walter had been the SHKP's chairman for almost two decades, until a feud with his brothers in 2008 saw him replaced by their mother, Kwong Siu-hing. Thomas and Raymond were later elected to succeed her as joint chairmen. SHKP's stock has fallen 14% since news of the brothers' arrest was first announced.
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