Tycoon arrests rock Hong Kong

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HONG KONG. March 31. KAZINFORM  Brothers at the helm of a company that helped build Hong Kong's skyline and the man who once was the city's number two official were arrested in an investigation of a bribery case has shocked the former British colony, CNN reported.

Thomas Kwok, 60, and Raymond Kwok, 58, and their families control Sun Hung Kai Properties, which built the city's three tallest skyscrapers. The billionaires were taken into custody by the city's Independent Commission Against Corruption.

Share price Sun Hung Kai, the world's second largest property developer by market capitalization, was down as much as 15% in the first four hours of trading Friday, losing nearly $6 billion in market value.







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