Business

Sun Hung Kai executive arrested over suspected bribery

  • 20 March 2012
  • From the section Business
A sign outside Sun Hung Kai properties office
Sun Hung Kai has developed residential and commercial properties in Hong Kong and China

A senior executive of Hong Kong construction firm Sun Hung Kai Properties, Thomas Chan Kui-yuen, has been arrested over suspected bribery.

Mr Chan, an executive director, is responsible for land acquisitions and project planning.

The firm confirmed the arrest by the Independent Commission Against Corruption, but gave no details of the allegations.

Sun Hung Kai Properties is one of Asia's biggest property developers.

The firm saidMr Chan's arrest "has not affected and will not affect the normal business and operations of the group".

The property developer said it had set up a special committee to look into the investigation by the anti-corruption body and handle "all matters which may arise from and relate to such investigation".

The firm is run by Hong Kong's Kwok family, which is ranked as Hong Kong's third-richest with a net worth of $15.4bn (£9.7bn).

The company's shares fell more than 2% on the Hong Kong Stock Exchange on Tuesday.

Analysts said the impact on the share price was likely to be temporary.

"Sun Hung Kai has a very professional management team and proven track record so it shouldn't have an impact on the share price," said Alfred Lau a Hong Kong property analyst at Bocom International.

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