Earls Court backer Kwok at risk of losing board position

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Thomas Kwok, who with his brother Raymond is worth an estimated  $21 billion (£13.4 billion), was found guilty on Friday of bribing a former government official in Hong Kong’s biggest-ever corruption trial.

Thomas is appealing the conviction, which carries a maximum sentence of seven years in jail. But he is a non-executive director of Bank of East Asia, which is considering “whether Dr Kwok continues to be suitable” for the board.

Kwok is co-chairman of Sun Hung Kai Properties and one of Asia’s richest men.

In 2012 London developer Capital & Counties formed a joint venture with “interests of the Kwok family” to build the luxury Lillie Square residential scheme, which forms part of the £8 billion transformation of Earls Court.

Sources said Capco’s main contact was Thomas’s brother Raymond, who was cleared of all charges.

Source Article from http://www.standard.co.uk/business/business-news/earls-court-backer-kwok-at-risk-of-losing-board-position-9939750.html

December 23, 2014 |
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