The billionaire co-chairmen of Sun Hung Kai Properties (0016.HK), Raymond and Thomas Kwok, together with Rafael Hui, a former chief secretary, were arrested by Hong Kong's Independent Commission Against Commission (ICAC) for an investigation into alleged bribery and corruption, reports Guangzhou Daily.

The arrests came after an executive director, Thomas Chan, was detained for the same investigation, on March 19. Chan returned to work last week.

According to the report, other than suspected bribery and corruption, another possible violation of the law included the leakage of confidential government information to private institutions.

Sun Hung Kai said the ICAC directed the company to supply documents related to the charges, and a special committee, formed to handle the investigation, was reorganized.

The largest property developer in Hong Kong said the arrests will not affect its daily operations, and added that both Raymond and Thomas Kwok will still carry out their duties.

According to industry insiders, the two executives were the most senior figures from the real estate sector to be arrested by the ICAC in 20 years.

Sun Hung Kai was valued by Forbes to be worth HK$321.84 billion, and the family fortune controlled by the Kwok brothers was estimated to total $18.3 billion.

Source:capitalvue.com