Tycoon arrests rock Hong Kong
The fact that two of the richest people in the world were arrested is unprecedented.
Brothers at the helm of a company that helped build Hong Kong's skyline and the man who once was the city's number two official were arrested in an investigation of a bribery case [that] has shocked the former British colony. Thomas Kwok, 60, and Raymond Kwok, 58, and their families control Sun Hung Kai Properties, which built the city's three tallest skyscrapers. The billionaires were taken into custody by the city's Independent Commission Against Corruption [ICAC]. According to local media, the ICAC also arrested Rafael Hui, 64, who was Hong Kong's Chief Secretary from 2005 to 2007, and a former advisor to Sun Hung Kai. In a city where property is king, the sight of local royalty being taken into the ICAC headquarters riveted Hong Kong media, and comes at a time where the city's reputation for transparency has been tainted by a number of scandals. The Kwok brothers and their family are the 27th richest in the world, with an estimated wealth of $18.3 billion, according to Forbes magazine. The family has controlling interest of Sun Hung Kai Properties, the world's second largest property developer by market capitalization.
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