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Hong Kong tycoons, ex-official charged with graft

Friday - 7/13/2012, 1:43am  ET

HONG KONG (AP) - Billionaire brothers Thomas and Raymond Kwok and three other people have been charged in a graft case alleging that the prominent developers gave bribes in exchange for lucrative information on pending land sales.

Also charged Friday by Hong Kong's Independent Commission Against Corruption are former Chief Secretary Rafael Hui, a former senior officer of Hong Kong Exchanges and Clearing, and an executive director of Sun Hung Kai Properties, which the Kwok brothers co-chair.

Hui is alleged to have provided land sale information to the Kwoks between 2005 and 2007. The three were arrested in March, and they were to appear in court Friday to answer charges of bribery and misconduct in public office.

Trading in Sun Hung Kai shares was suspended shortly after the Hong Kong stock market opened Friday.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)