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| Property values in Macau soared as it overtook Las Vegas as the biggest gambling destination |
A
billionaire Hong Hong-based property tycoon is facing charges in Macau of
bribery and money laundering in the world's top gambling city.
The arrest
of Joseph Lau comes on the heels of several other high-profile corruption cases
involving politicians and real estate moguls.
Mr Lau,
head of Chinese Estate Holdings, has denied any wrongdoing.
Allegations
against Mr Lau surfaced in the trial of Ao Man-long, Macau's former secretary
of transport.
Mr Ao was
the highest-ranking official ever arrested by Macau's anti-corruption agency.
Prosecutors
allege that Mr Lau and another tycoon offered a bribe to Mr Ao, in exchange for
a successful bid for a valuable parcel of land.
Property
values in Macau have soared in the last few years, as it overtook Las Vegas as
the world's top gambling destination.
This case
comes just months after Hong Kong's wealthiest property developers, the Kwok
brothers, and a former senior government official were arrested on suspicion of
bribery.
No charges
have been filed against the brothers, but the unprecedented arrests have
shocked residents in Hong Kong.
Trading in
shares of Chinese Estates Holdings were suspended in Hong Kong after it emerged
that Mr Lau will face prosecution.
Mr Lau's
fortune has been estimated at $6.5bn (£4bn) by the Sunday Times Rich List,
making him one of the richest people in the world.
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