Date
24 September 2017
Walter Kwok (left) says he will devote his time to his own career. Thomas Kwok (far right) was convicted of corruption while younger brother Raymond was found innocent. Photos: HKEJ
Walter Kwok (left) says he will devote his time to his own career. Thomas Kwok (far right) was convicted of corruption while younger brother Raymond was found innocent. Photos: HKEJ

Walter Kwok not returning to Sun Hung Kai Properties

Walter Kwok, former chairman of Sun Hung Kai Properties Ltd. (00016.HK), has no plans to return to the family business, the Hong Kong Economic Journal reported Monday.

He made the statement after one of his younger brothers was found guilty of corruption in Hong Kong’s biggest graft trial which involved former chief secretary Rafael Hui.

Kwok, the oldest son of late tycoon Kwok Tak-seng, said he will devote his time to his own career.

The family has decided to distribute equity in the company and other assets equally among the siblings, he said.

Earlier, a family statement did not mention assets other than the family’s holding in the company, according to the report.

Analysts expect the company’s share price to rebound in the short term after being dragged by a family dispute which became public in 2008 when Walter Kwok was sacked as company chairman.

The corruption trial further weighed on the share price in the past three years, resulting in a prolonged undervaluation.

On Friday, the High Court convicted Hui and Thomas Kwok for corruption, his younger brother Raymond was found innocent.

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VW/MY/RA

Freelance journalist

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