Sun Hung Kai Properties - Corruption Probe

Corruption Probe

The Hong Kong business community was shaken by the arrest of SHK Executive Director Thomas Chan by the Independent Commission Against Corruption (ICAC) on 19 March. There were further shock waves when eight people linked to the company in the afternoon on 29 March 2012. Co-chairmen Thomas and Raymond Kwok and five others were arrested by the ICAC as part of an extensive corruption probe. Rafael Hui, former chief secretary, was also taken in for questioning. They were later released on bail. The probe caused a 15 percent fall in the company's share price, and a downgrading of the company's outlook.

Read more about this topic:  Sun Hung Kai Properties

Famous quotes containing the words corruption and/or probe:

    The corruption of the age is produced by the individual contribution of each one of us; some contribute treachery, others injustice, irreligion, tyranny, avarice, cruelty, in accordance with their greater power; the weaker ones bring stupidity, vanity, passivity, and I am one of them.
    Michel de Montaigne (1533–1592)

    Y’know scientists are funny. We probe and measure and dissect. Invent lights without heat, weigh a caterpillar’s eyebrow. But when it comes to really important things we’re as stupid as the caveman.... Like love. Makes the world go ‘round, but what do we know about it? Is it a fact? Is it chemistry? Electricity?
    Martin Berkeley, and Jack Arnold. Helen Dobson (Lori Nelson)