After Thomas and Raymond, it is the turn of Walter Kwok. Raphale Hui, former general secretary of the territory, also indicted for bribery. Suspicion of government polizie governing real estate in Hong Kong, the city with the most expensive houses in the world. Since late March, the shares of

Hong Kong (AsiaNews) - Walter Kwok, the former chairman of Sun Hung Kai (SHK), the largest building empire, was arrested by the Anti-Corruption Commission in an investigation that already involves two other Kwok brothers. Walter Kwok is suspected of violating the city's anti-bribery laws.

Kwok was arrested last night, but was released on bail. The sale of SHK shares, suspended in the morning, was re-opened at 1 o'clock in the afternoon so far have lost 1.7%. Since March 29, when the other two brothers, Thomas and Raymond Kwok, were arrested SHK shares have plunged a massive 16%.

Raphael Hui, former government secretary and No. 2 power in Hong Kong, is also involved in the investigation, throwing light on the ambiguous government policies in construction, in an area where houses are the most expensive in the world.

SHK, whose market value is 32 billion U.S. dollars, is the owner of the International Commerce Centre, the tallest building in Hong Kong, with 118 floors. The company also has many luxury homes projects in Wrst Kowloon and in the south of Hong Kong.

All three brothers, all free on bail, declare themselves innocent. The public issue of corruption, is compounded by private a conflict: in 2008, Thomas and Raymond took the Presidency from Walter, accusing him of mental incapacity, for which he sued them in court.

The company said that Walter's arrest "has not affected and will not affect the normal business and operations of the group".

 

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