CHINA: Hong Kong's billionaire Kwok brothers, who remain as co-chairmen of Sun Hung Kai Properties after being charged for bribery say truth will prevail.

Record ID: 835685

  • Title: CHINA: Hong Kong's billionaire Kwok brothers, who remain as co-chairmen of Sun Hung Kai Properties after being charged for bribery say truth will prevail.
  • Date: 14th July 2012
  • Summary: HONG KONG, CHINA (JULY 13, 2012) (REUTERS) ( ** BEWARE FLASH PHOTOGRAPHY **) SUN HUNG KAI PROPERTIES CO-CHAIRMEN RAYMOND KWOK (LEFT) AND THOMAS KWOK (RIGHT) WALKING TO STAGE VARIOUS OF KWOK BROTHERS STANDING ON STAGE WITH SUN HUNG KAI BOARD OF DIRECTORS VARIOUS OF THOMAS KWOK PUTTING ON GLASSES AND READING SPEECH (SOUNDBITE) (Cantonese) SUN HUNG KAI PROPERTIES CO-CHAIRMAN THOMAS KWOK SAYING: "Although at this stage I cannot make any comments on the matter, I have confidence in Hong Kong's judicial system and I believe one day truth will prevail. Today, I want to reiterate, Sun Hung Kai's daily operations will not be affected." JOURNALISTS (SOUNDBITE) (Cantonese) SUN HUNG KAI PROPERTIES CO-CHAIRMAN THOMAS KWOK SAYING: "History tells us that perseverance and faith can take us through the rough times. With this belief, I am facing this challenge and test with no fear." RAYMOND KWOK SPEAKING (SOUNDBITE) (Cantonese) SUN HUNG KAI PROPERTIES CO-CHAIRMAN RAYMOND KWOK SAYING: "I have strong confidence in Hong Kong's judicial system. I will do my best to defend myself and make use of the judicial process to let the truth speak for itself and prove my innocence." VARIOUS OF CAMERA CREW (SOUNDBITE) (Cantonese) SUN HUNG KAI PROPERTIES CO-CHAIRMAN RAYMOND KWOK SAYING: "Sturdy grass is only revealed by strong winds, sturdy grass is only revealed by strong winds. I will accept today's challenges with strength and I am confident that I can overcome them." KWOK BROTHERS LEAVING STAGE WITH BOARD OF DIRECTORS SUN HUNG KAI EXECUTIVE DIRECTOR AND BOARD MEMBER WHO FACES CORRUPTION CHARGES, THOMAS CHAN, LEAVING STAGE VARIOUS OF CAMERAMAN FILMING NEW DEPUTY MANAGING DIRECTOR OF SUN HUNG KAI, MIKE WONG, SPEAKING PRESS CONFERENCE IN PROGRESS NEW DEPUTY MANAGING DIRECTOR OF SUN HUNG KAI, VICTOR LUI, SPEAKING VARIOUS OF JOURNALIST TAKING NOTES IN PRESS CONFERENCE VARIOUS OF THOMAS KWOK LEAVING COURT HOUSE IN THE AFTERNOON VARIOUS OF RAYMOND KWOK LEAVING COURT HOUSE IN THE AFTERNOON VARIOUS OF JOURNALISTS SURROUNDING RAYMOND KWOK VARIOUS OF FORMER CHIEF SECRETARY OF HONG KONG, RAFAEL HUI, LEAVING COURT HOUSE IN THE AFTERNOON HUI GETTING INTO CAR HUI'S CAR LEAVING
  • Embargoed: 29th July 2012 13:00
  • Keywords:
  • Location: China
  • City:
  • Country: China
  • Topics: Crime
  • Reuters ID: LVA5FPN1FGR2WX7NA6B48REB61CF
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  • Story Text: Asia's largest developer Sun Hung Kai Properties confirmed on Friday (July 13) that its two chairmen, who heard their formal corruption charges in court earlier that day, would continue to lead the company.
    Sun Hung Kai retained the chairmenship of billionaire brothers Thomas and Raymond Kwok but appointed their sons, 29-year-old Adam Kwok and 31-year-old Edward Kwok, as alternate directors.
    The Sun Hung Kai probe, Hong Kong's biggest corruption case since its anti-graft agency was formed nearly 40 years ago, involves one of Asia's most powerful families and the world's second-largest property company with a market capitalisation of 32 billion U.S. dollars.
    A few hours after their court appearance, the Kwok brothers said in a press conference that they had confidence the truth would prevail.
    Elder brother Thomas said he could not comment on the legal case but stressed that business was as usual at the company.
    "Although at this stage I cannot make any comments on the matter, I have confidence in Hong Kong's judicial system and I believe one day truth will prevail. Today, I want to reiterate, Sun Hung Kai's daily operations will not be affected," Thomas Kwok said.
    "History tells us that perseverance and faith can take us through the rough times. With this belief, I am facing this challenge and test with no fear," he added.
    The youngest of the Kwok brothers, Raymond, insisted he was innocent.
    "I have strong confidence in Hong Kong's judicial system. I will do my best to defend myself and make use of the judicial process to let the truth speak for itself and prove my innocence," he said He also cited a Chinese idiom to express his confidence.
    'Sturdy grass is only revealed by strong winds, sturdy grass is only revealed by strong winds. I will accept today's challenges with strength and I am confident that I can overcome them.'' The Kwok brothers spoke for about 10 minutes as members from the Board of Directors stood behind them. They did not respond to reporters' questions.
    The newly appointed alternate directors, Adam Kwok and Edward Kwok, did not attend the press conference.
    The company also announced the appointments of Mike Wong and Victor Lui as Deputy Managing Directors.
    Apart from the Kwok brothers, three others have also been charged in the Sun Hung Kai case, including Hong Kong's former no. 2 official Rafael Hui.
    Thomas Chan, a Sun Hung Kai executive director and board member in charge of land purchases, also faced corruption charges. Chan appeared at Friday's press conference.
    Francis Kwan, a former chief operation officer of the Hong Kong Futures Exchange, was also accused of bribery.
    A total of eight charges were filed against the five men, including conspiracy to offer advantages to a public servant and misconduct in public office.
    The Independent Commission Against Corruption, the city's anti-graft agency, said the offences took place between 2000 and 2009.
    Hui faces two misconduct charges alleging he accepted the rent-free use of two flats and two unsecured loans, one for the sum of HK$1.5 million (193,400 USD). He is also alleged to have received two other payments, one for HK$5 million and another for HK$4.125 million.
    Hui and Thomas Kwok face a joint charge of conspiracy to commit misconduct in public office, while Hui and Raymond Kwok face a similar conspiracy charge.
    Hui, Thomas Kwok, Chan and Kwan are also charged with one count of conspiracy to commit misconduct in public office, alleging they conspired together for Hui to receive a series of payments from Thomas Kwok, Chan and Kwan.
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