The former chairman of Hong Kong property developer Sun Hung Kai Properties Ltd. has been arrested, the latest development in a corruption investigation that has rocked the city’s business community.
Walter Kwok, the company’s former chairman and CEO, and the older brother of deposed co-chairs Raymond and Thomas Kwok, was arrested by the Independent Commission Against Corruption late Thursday on suspicion of breaking Hong Kong bribery laws, according to a statement by the company. He has been released on bail.
