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Hong Kong billionaire sentenced to five years jail | Hong Kong billionaire sentenced to five years jail |
(about 14 hours later) | |
A Hong Kong property tycoon, Thomas Kwok, has been sentenced to five years in jail for corruption. | A Hong Kong property tycoon, Thomas Kwok, has been sentenced to five years in jail for corruption. |
The former co-chairman of Sun Kung Kai Properties, was fined HK$500,000 ($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. | 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. | The firm had said on Friday that Kwok would appeal against the conviction. |
Kwok, 63, resigned as chairman and managing director of the city's largest property developer after the verdicts were delivered last week. | |
Government ties | 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. | 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. | 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 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. | The Kwok brothers are estimated to be worth more than $14bn, ranking them among Asia's richest people. |
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