By Alex Frew McMillan
HONG KONG | Mon May 14, 2012 8:29am EDT (Reuters)
Sun Hung Kai Properties board member Thomas Chan had his bail extended on Monday, according to a source familiar with the matter,
in a widening graft scandal involving one of Asia's richest families.
Chan, the first person to be named in the probe that has shocked shareholders and threatened to cut into the knot binding its clubby
tycoon-dominated economy with the former British colony's new government, will now report to Hong Kong's anti-corruption agency at
the end of May.
Investigators arrested ousted Sun Hung Kai chairman Walter Kwok, 61, on May 3, pulling him into an investigation that has already claimed
his estranged brothers Thomas, 60, and Raymond, 58. It has also ensnared a childhood friend, Rafael Hui, Hong Kong's chief secretary
from 2005-2007.
Chan, 65, is the executive in charge of land purchases at Sun Hung Kai, Asia's largest and the world's second biggest developer with a
stock market value of $30 billion. The company released a statement in March saying Chan was arrested by Hong Kong's Independent
Commission Against Corruption (ICAC) in connection to alleged bribery.
Payments made to Hui while he was chief secretary are at the heart of the investigation, with the ICAC looking into bribery and "misconduct
in public office". Reuters reported on April 25 that payments totaling more than $2.5 million are involved.
HONG KONG | Mon May 14, 2012 8:29am EDT (Reuters)
Sun Hung Kai Properties board member Thomas Chan had his bail extended on Monday, according to a source familiar with the matter,
in a widening graft scandal involving one of Asia's richest families.
Chan, the first person to be named in the probe that has shocked shareholders and threatened to cut into the knot binding its clubby
tycoon-dominated economy with the former British colony's new government, will now report to Hong Kong's anti-corruption agency at
the end of May.
Investigators arrested ousted Sun Hung Kai chairman Walter Kwok, 61, on May 3, pulling him into an investigation that has already claimed
his estranged brothers Thomas, 60, and Raymond, 58. It has also ensnared a childhood friend, Rafael Hui, Hong Kong's chief secretary
from 2005-2007.
Chan, 65, is the executive in charge of land purchases at Sun Hung Kai, Asia's largest and the world's second biggest developer with a
stock market value of $30 billion. The company released a statement in March saying Chan was arrested by Hong Kong's Independent
Commission Against Corruption (ICAC) in connection to alleged bribery.
Payments made to Hui while he was chief secretary are at the heart of the investigation, with the ICAC looking into bribery and "misconduct
in public office". Reuters reported on April 25 that payments totaling more than $2.5 million are involved.
