Property brothers arrested – Hong Kong
March 30, 2012 2 Comments
Property developers Thomas and Raymond Kwok, also known as ‘the billionaire brothers’ who are in charge of Hong Kong’s largest property development company, have been arrested for suspected corruption. Due to this fact, Sun Hung Kai lost $5.3 billion of market value.
Sun Hung Kai Properties Ltd., was shocked when their headmen’s got arrested by the Independent Commission Against Corruption. With them, they also arrested the former senior official, which was a former chief secretary according local news reports.
The Forbes Magazine estimates that the Kwok family owns a fortune of $18.3 billion and ranked them on the 27th place of richest families in the world.
Besides the company itself, the brothers extremely disappointed the Southern Chinese final center, since they have been traditionally revered for all the work they have done. This is all harmed now. Chinese inhabitants are angry and feeling trade by the property brothers. They are now in revolt against the increasing rich-poor gap. In their opinion, property developers have too much influence on the government.
Sung Kai Properties Ltd has developed many famous and important buildings in Hong Kong. The city’s most famous and tallest building was also built by Kwok’s company, the International Commerce Center, which is 118 stories high.
Despite this scandal, the board voted unanimously to let the pair continue in their roles.
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