BBC News, 23
December 2014
 |
| Hong Kong billionaire Thomas Kwok is sentenced to five years jail in the high profile graft case |
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Stories
A Hong Kong
property tycoon, Thomas Kwok, has been sentenced to five years in jail for
corruption.
The former
co-chairman of the city's largest developer, Sun Kung Kai Properties, was fined
$64,440 (£41,327) in a highly publicised graft case.
He was
found guilty of one count of conspiracy to commit misconduct in public office,
while his younger brother Raymond was cleared of charges.
The firm
had said on Friday that Kwok would appeal against the conviction.
Kwok, 63,
resigned as chairman and managing director of the company after the verdicts
were delivered last week.
Government
ties
He was
convicted of giving bribes totalling $1.1m to former government official Rafael
Hui in exchange for information on land sales between 2005 and 2007.
Hui, 66, is
also facing a jail sentence after being found guilty on five of the eight
charges against him.
The
seven-month trial shocked the city and saw the valuable developer's shares
tumble, erasing billions in market value since the brothers were arrested over
two years ago.
The Kwok
brothers are estimated to be worth more than $14bn, ranking them among Asia's
richest people.
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