Walter KWOK accused of alleged massive £ 700 million fraud Chuan roots is to seize power

A few days ago, the Hong Kong media broke Walter KWOK "innocent" involved in London involving funding of £ 740 million a huge fraud, the UK's Procuratorate Walter KWOK the identity of prosecution witnesses testify on October 31, because its allegedly served as the Xindi Chairman period, has signed a lease agreement to the Allied Irish Bank loan guarantees for two defendants in the case purchased 16 of London's business district properties provide guarantees ultra-high.
Walter KWOK the day in court, denied the allegations, but the case is still under investigation hearing is not final. Caught involved in corruption storm as Sun Hung Kai and his brother, one of the the SHK most competitive successor, the case or will affect the Walter Kwok "succession" plan. Especially in the recent shareholders 'meeting of Sun Hung Kai, currently joint managing director Thomas Kwok-election directors' resolution has been more than 20% of shareholders against two brothers in Sun Hung Kai's tenure prospects more worrisome.
England huge fraud
Walter KWOK involved in this fraud were sensational British, whose protagonist is A.Kallakis (44 years old), and Alexander Williams (44 years old), the former Greek-American real estate tycoons. Both have been to London, the Ministry of the Attorney accused of 23 counts, including conspiracy to defraud, forgery and making a false declaration fraud, money laundering and illegal transfer of obtaining pecuniary advantage, the charges date occurred in 2003-2008, involving an amount of up to 740 million pounds.
Date of any such charge is Walter KWOK worked Xindi President during the UK's Procuratorate requirement Walter KWOK the identity of a prosecution witness to testify, because of its allegedly served as the Xindi Chairman period, has signed a lease agreement guarantees for the case the defendants in London's business district acquired 16 ultra-luxury property to the Allied Irish Bank loan guarantee.
October 31, Walter KWOK should be the UK's Procuratorate to testify as a prosecution witness in the Hong Kong High Court Technology Court by way of the video. Which up to 3 hours of testimony, Walter KWOK repeatedly denied that it does not recognize the two defendants in the case, the company's with the two defendants do not have any business contact. About this prosecution alleged lease agreement guarantees "system being forged, above the signature is not his own authentic work. Attended the the current Xindi Board of Directors executive director Wong Chik-wing, even behind Walter KWOK, testified via video, the seal of the lease agreement guarantees cover a new word was forged.
Walter Kwok Ping-sheung said in court, this lease agreement forged guarantees he is not know until until September 2008. Sent to Hong Kong to the Xindi inquiries about the lease guarantees regarding wound Allied Irish Banks, Sun Hung Kai [ 4.86 0.41% ] Legal Department launched an internal investigation, to make a detailed report to him afterwards, he was aware of the company being counterfeit documents and signed.
Walter Kwok testimony, defense lawyers do not agree with their questioning, said Walter KWOK precisely similar case matters contrary to the company's Board of Directors in office during the Xindi Chairman of the Board of Directors, was forced to leave Xindi President . Walter KWOK stressed Although SHKP Board of Directors received such complaints, but I will never agree, "My departure is a family dispute has nothing to do with whether to make a breach of the Board of Directors of the Company matters."
In fact, according to the " China Business "reporter has learned, the case early in January 2012, had in London court trial, but midway in the trial, a defendant in the case, Williams admitted to hospital due to illness, trial once was aborted, until September 2012 after the re-selection of a group of jurors, the case continue to hear the case of the absence of the defendant Williams, Walter KWOK involved in the case as the identity of the witness for the prosecution, the recent burst of favorite events.
English courts have not yet final ruling, Walter KWOK in the case, whether there are further charges, the case of Walter KWOK I, as well as Sun Hung Kai potential negative impact, the reporter sent to Sun Hung Kai Properties queries, but At press time yet to get a response.
Kuok two internal and external
Walter KWOK I faced the allegations, the situation faced by its two younger brother Thomas Kwok Ping-kwong and Raymond Kwok is much more complicated. November 13, the Hong Kong Department of Justice as well as the two brothers suspected of involvement in the corruption case of former Chief Secretary for Administration, Mr Rafael Hui, submit an application to the High Court of Hong Kong, requiring the appointment of the British Queen's Counsel for both the prosecution and defense, although this was to the Hong Kong Bar Association's strong opposition, but eventually the High Court of Hong Kong, or approval of the two sides of this application.
Since the end of March 2012, the two brothers have been investigating rumors of turmoil at the top of Sun Hung Kai did not stop, even once rumored to Once charged, the allegations against the two brothers, four years ago, the brother of ousted President throne boss is currently a non-executive director of Sun Hung Kai's Walter Kwok Ping-sheung, there may be the opportunity to return to the Sun Hung Kai in power. Because so far, Walter KWOK suspected to act as "tainted witnesses in the case have not yet cleared.
There are more and more likely in view of the situation in the case of adverse Thomas Kwok Ping-kwong and Raymond Kwok and his brother, July 17, 2012, Sun Hung Kai held an emergency board of directors, the appointment of the Executive Director Mike Wong, Deputy Managing Director and Thunder duo to assist Kuok two the performance of the duties of the Chairman and Managing Director. At the same time, Thomas Kwok son Guo-hui, and Raymond son Guo Hao Feng are appointed for the Kwok two alternative directors, Sun Hung Kai 80 after the "third generation" which the board of directors for the first time.
But that obviously does not ensure a smooth succession of Sun Hung Kai third generation. Sun Hung Kai third generation is still young, Once Kuok so the case of the two brothers behind bars, the Kwok family of Sun Hung Kai controlling stake may be forced to promotion candidates as head of the family outside, but had family disputes was driven step down of the Kuok boss Walter KWOK also likely to become a popular candidate of the Sun Hung Kai head.
Thomas Kwok, the passive situation Kwok Ping Luen, Raymond and his brother had to face up to six months of investigation, the situation in Sun Hung Kai has become increasingly subtle.
November 16, Sun Hung Kai Properties to convene a shareholders' meeting, the resolution of a series of re-election or a show of hands, which was originally a "routine" agenda, but the surprising results: Co-Chairman and Managing Director Thomas Kwok-election the resolution of the directors, was opposed to up to 21.5% of the voting shareholders opposed to the number of shares accounted for 14.4% of the issued share capital of Thomas Kwok become the lowest Director of Sun Hung Kai Properties in recent years, the popularity of ".
"The the expected investors opposition mainly worried about Thomas Kwok struggling to cope with ICAC prosecution case can not focus on the company's operations," an independent stock analysts in Hong Kong media said. Xindi shareholders will meet shortly before an independent investment adviser to the motion of the MSCI's ISS has released a report, view of the Kwok family history of infighting, and Thomas Kwok Kwok Ping Luen, Raymond Brothers facing serious allegations small shareholders should vote against Thomas Kwok-election, the purpose is to new earth pass information to the Board: highest leadership or the President is filled by the candidate of the non-Kwok family the necessary changes.
Be as operational as the market capitalization of listed companies of nearly HK $ 300 billion, a new earth should be like a family business, even if the largest shareholder of the Kwok family shareholding of 42.87%, "ISS pointed out that the Board of Directors earlier appointment of Thomas Kwok and his brother, the son of Raymond Kwok as an alternative directors, means that no matter how involved in the corruption case, the Kwok family in Xindi decisions with heavy Daihatsu right to speak, the future of the world's second-largest real estate developers in the choice of successor, will also be based on nepotism rather than performance.
Involving unusually large and complex investigation and evidence gathering, the Hong Kong ICAC has planned creation of an Assistant Commissioner of temporary jobs, particularly in response to the Kwok brothers involved in the case, the corruption case has been postponed to January 25, 2013 trial. Obviously, in this sensitive point in time, if Walter KWOK can not get out of in huge England awful defraud matters contrary to the Board of Directors of the Company are made in the office during the Xindi Chairman allegations established, then even Kuok two brothers, Rafael Hui, The corruption case behind bars the, Walter KWOK again White SHK idea will vanish into thin air.
This reporter to send a query to the Sun Hung Kai Properties, Sun Hung Kai Properties, responded that the case belongs to a of Walter Kwok private events, and has entered the judicial process, Sun Hung Kai Properties inconvenience respond.