May 4, 2012 / 4:41 AM / 7 years ago

Sun Hung Kai says ex-chairman Walter Kwok arrested and on bail

HONG KONG, May 4 (Reuters) - Sun Hung Kai Properties Ltd said on Friday that former chairman Walter Kwok has informed the company that he was arrested on May 3 in conjunction with a corruption investigation and has been released on bail.

The Hong Kong-based developer said in a statement to the Hong Kong stock exchange that Walter Kwok, eldest of the three Kwok brothers and a non-executive board member, had informed the company that he had been arrested on Thursday night by Hong Kong anti-graft body the Independent Commission Against Corruption (ICAC), and had since been released on bail.

Sun Hung Kai also said it has applied for trading in its shares to resume at 1 p.m. on Friday. The company’s shares were suspended on Friday morning, together with those of its unit SunEvision Holdings Ltd.

The company said the arrest “has not affected and will not affect the normal business and operations of the group”.

The ICAC arrested Walter’s younger brothers - Sun Hung Kai joint chairmen Raymond and Thomas Kwok - on March 29, along with Rafael Hui, a former adviser to the company and once the city’s No.2 official.

A long-running dispute over the family trust that controls Sun Hung Kai has also resurfaced. Walter, who stepped down as Sun Hung Kai chairman in 2008, was removed as a beneficiary of the trust in 2010 and is attempting to gain access to trust documents. (Reporting by Alex Frew McMillan; Editing by Chris Lewis)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below