HK tycoon brothers plead not guilty in graft case

Posted date: March 09, 2013 In: News In Image, World

HONG KONG (AP) – Hong Kong’s billionaire Kwok brothers pleaded not guilty to graft charges on Friday, setting the stage for the city’s biggest corruption trial in years.

The pleas entered by Thomas and Raymond Kwok all but ensure their case will head to trial in the city’s High Court.

Sun Hung Kai Properties Ltd Joint Vice Chairmen and Managing Director Raymond Kwok arrives at the Eastern Court in Hong Kong Friday, March 8. AP

The brothers are joint chairmen of Sun Hung Kai Properties Ltd, one of Hong Kong’s biggest developers.

Forbes estimates they are the third richest people in Hong Kong, with a combined net worth of $20 billion.

Anti-corruption police arrested and charged the Kwoks last year, along with three others. Prosecutors allege that the prominent developers gave bribes in exchange for lucrative information on pending land sales.

The three other defendants also pleaded not guilty to a slightly revised set of charges. They include Rafael Hui, formerly the second highest ranking government official; a former senior officer at stock exchange operator Hong Kong Exchanges and Clearing; and an executive director at Sun Hung Kai.

Hui is alleged to have provided land sale information to the Kwoks between 2005 and 2007.