Sun Hung Kai suspends trading in HK, pending ‘price-sensitive’ statement

Sun Hung Kai Properties, Asia’s biggest developer by market value, has suspended trading of its stock, pending the release of a statement that could be “price sensitive”, the company said.

The announcement came as local media reported that its billionaire co-chairmen Thomas and Raymond Kwok were asked to assist in an investigation by Hong Kong’s anti-graft agency. The company also suspended trading of two of its listed units.

Government-backed broadcaster RTHK and Cable TV said the brothers had been called in to the Independent Commission Against Corruption (ICAC) together with Mr Rafael Hui, Hong Kong’s former Chief Secretary. Mr Hui has worked as a special adviser to Sun Hung Kai.

Earlier this month, Sun Hung Kai executive director Thomas Chan Kui Yuen, who was in charge of land acquisitions, was arrested by the ICAC as part of an investigation into alleged bribery. The shares dropped 4.1 per cent after the news of the arrest on March 19, and fell 1.5 per cent to HK$111.10 (S$18) before they were suspended yesterday.

The Kwok family’s combined wealth of US$15.4 billion (S$19.4 billion) is third on Forbes Magazine’s list of Hong Kong’s richest.

Sun Hung Kai built and runs the 118-floor International Commerce Centre, which at 484m is Hong Kong’s tallest building. It also developed ION Orchard on Orchard Road in partnership with CapitaLand.

Source : Today – 30 Mar 2012

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