Earl’s Court investors arrested on suspicion of “bribery and corruption”

Seagrave Road development (Earl’s Court Phase 1) shattered as stock exchanges suspend trading in Sun Hung Kai Properties shares

Image courtesy of the Wall Street Journal. For the latest coverage on this story, please visit online.wsj.com

Hong Kong’s Independent Commission Against Corruption arrests Kwok brothers, whose family owns £10 billion – second wealthiest in all of Asia. Other senior executives of the company were arrested previously in long history of investigation

Story breaks on the South China Morning Post, the Wall Street Journal and Reuters

http://topics.scmp.com/news/hk-news-watch/article/ICAC-arrests-tycoon-brothers

http://online.wsj.com/article/SB10001424052702303816504577311171544624532.html?mod=googlenews_wsj

http://www.reuters.com/article/2012/03/29/sunhungkai-suspension-idUSL3E8ET4FY20120329

Raymond Kwok is taken away for questioning by two officials from the Independent Commission Against Corruption in Hong Kong (thestar.com). Right: the Sun Hung Kai centre, Hong Kong (library-towers.wikidot.com).

Brothers, Raymond (left) and Thomas (right) Kwok. From richlist.arabianbusiness.com

THE KWOKS AND SUN HUNG KAI ARE “HIGHLY REPUTABLE” SAYS EARL’S COURT DEVELOPER, CAPITAL & COUNTIES PLC

In December 2011, the developer that wants to demolish our homes, Capital & Counties announced it:

“has entered into a conditional agreement with entities in which certain members of the Kwok family are interested (the “Kwok Family Interests”) to form a 50:50 joint venture in respect of Capco’s interests in and around Seagrave Road [Earl’s Court] for a price that values these interests at £131.2 million. Interests of the Kwok family are major shareholders of Sun Hung Kai Properties Limited, one of the largest and highly reputable real estate companies listed on the Hong Kong Stock Exchange.”

Ian Hawksworth, Chief Executive of Capco said:

“We are delighted to have attracted such an experienced development partner whose investment represents a major vote of confidence in the London property market in general, and in this scheme [Earl’s Court] in particular. This joint venture will enable us to participate in the next stage of the Seagrave Road scheme which will begin the transformation of the [Earl’s Court] area, creating hundreds of new homes and jobs.”

Earlier this year, Gary Yardley Capital & Counties Investment Director was interviewed for Property Matters magazine:

“Yardley regards this alliance as “a massive coup” as this is the Kwok Family Interests’ first large scale corporate joint venture in London. Capco sought out a top developer able to provide the requisite high quality to set a new benchmark for the [Earl’s Court] area.”

WEST KEN & GIBBS GREEN LETTER TO MADAM CHAIRMAN KWONG

Here is the West Ken & Gibbs Green residents’ letter to the former Chairman of Sun Hung Kai Properties Ltd and mother of the Kwok brothers, Siu-Hing Kwong, dated 24 February 2011.

Siu-Hing Kwong (centre) with son Thomas Kwok (right). From Wikimedia Commons.

WELCOME TO THEIR WORLD!

            

            

Images ‘Courtesy of Sun Hung Kai Properties Limited’ and skyscraperpage

Sun Hung Kai’s corporate showreel video:

Thomas Kwok found Jesus after his wife refused to accompany him yet again on a holiday to another island.

Sun Hung Kai’s Yoho Town development:

Read these links for more details on Sun Hung Kai and the Kwoks:

http://www.trust.org/trustlaw/news/sun-hung-kai-executive-arrested-over-suspected-bribery/

http://www.citywire.co.uk/wealth-manager/fund-giants-hit-by-kwok-brother-property-arrests/a579073?ref=wealth-manager-latest-news-list

http://www.trust.org/trustlaw/news/arrested-hong-kong-billionaires-say-did-nothing-wrong

http://www.reuters.com/article/2012/03/30/us-sunhungkai-idUSBRE82T04V20120330

http://blogs.ft.com/beyond-brics/2012/03/30/kwok-arrests-cast-a-shadow-over-hk-property-sector/#axzz1qhaxzirw

http://uk.news.yahoo.com/arrested-hong-kong-billionaires-did-nothing-wrong-090146072.html

http://online.wsj.com/article/SB10001424052702304023504577319330803819466.html?KEYWORDS=kwok

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20120404000092&cid=1503

 

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