Billionaire sentenced to 5 years for graft

Reuters

Posted at Dec 23 2014 01:17 PM | Updated as of Dec 23 2014 09:17 PM

HONG KONG - Former co-chairman of Hong Kong-listed developer Sun Hung Kai Properties Ltd, Thomas Kwok, was sentenced to five years in jail and a HK$500,000 ($64,440) fine on Tuesday for corruption in the city's highest profile graft case.

Billionaire Thomas Kwok, 63, was found guilty of one count of conspiracy to commit misconduct in public office. His younger brother, Raymond Kwok, also co-chairman of the city's largest developer, was cleared of all charges.

Thomas Kwok, who resigned as chairman and managing director after the verdicts were delivered, will appeal against his conviction, Sun Hung Kai said in a statement last Friday.