Billionaire Kwok Brothers Arrested for Corruption in Hong Kong

On Thursday, Hong Kong’s Independent Commission Against Corruption (or ICAC) arrested the chairmen of Sun Hung Kai Properties.

The two brothers—Raymond and Thomas Kwok—are Asia's largest property developers.

Raymond Kwok was shown entering the ICAC premises in a limousine, flanked by two unidentified men.

A former government prosecutor—Gary Plowman—was seen entering the ICAC building. Plowman said he is representing one of the arrested parties

According to Forbes magazine, the Kwoks own $18.3 billion—the second-largest family fortune in Hong Kong—after Asia's richest man, Li Ka-shing, founder Cheung Kong Holdings, which is a rival developer.

The Kwoks will resume with their duties as chairmen and managing directors and company business operations will remain unaffected, according to a statement on the ICAC website.

The ICAC announced Hong Kong’s former chief secretary Rafael Hui, who has acted as a special adviser to Sun Hung Kai Properties, has also been detained.

Analysts say the case is timely. Currently, there is an ongoing reaction against property developers and rising house prices.