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HK property tycoons hit with additional charges in bribery case

Source: Thu, 13 Feb 2014 07:08 GMT
Author: Reuters
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Thomas Kwok (C), co-chairman of Hong Kong developer Sun Hung Kai Properties, arrives at the Eastern Law Court in Hong Kong January 25, 2013 REUTERS/Bobby Yip
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HONG KONG, Feb 13 (Reuters) - Thomas and Raymond Kwok, the billionaire co-chairmen of Sun Hung Kai Properties Ltd 0016.HK, had additional charges filed against them on Thursday in a bribery investigation surrounding Asia's largest developer, the company said on Thursday.

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 capitalization of $33 billion.

Thomas Kwok received an additional charge under the anti-graft law, while two additional charges for conspiracy to commit misconduct in a public office were laid against Raymond Kwok, the company said in a statement on the Hong Kong stock exchange.

The case will not affect its business and operations, the company said.

The Kwok brothers and Rafael Hui, the former head of Hong Kong's civil service, were charged in August 2012 for offences linked to bribery and misconduct in public office. (Full Story)

Two others have also been charged in the case including Thomas Chan, the board member in charge of land purchases at Sun Hung Kai Properties, and Francis Kwan, a former banker.

Shares in the company fell 0.2 percent on Thursday morning, in line with a 0.3 percent fall in the benchmark Hang Seng Index .HSI.

(Reporting By Yimou Lee; Editing by Matt Driskill)

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