Hong Kong. Hong Kong tycoon faces Macau corruption trial A Hong Kong tycoon is facing prosecution for alleged bribery and money laundering in connection with a government land sale on the Cotai casino strip in Macau, his company said.
Hong Kong tycoon faces Macau corruption trial A Hong Kong tycoon is facing prosecution for alleged bribery and money laundering in connection with a government land sale on the Cotai casino strip in Macau, his company said. In the latest corruption scandal to hit Hong Kong's business elite, Chinese Estates Holdings said its chief executive Joseph Lau denied attempting to bribe a jailed former senior official over the land tender. Lau, 61, is ranked fifth on Forbes magazine's list of richest people in Hong Kong, Asia's banking and financial centre, with a fortune estimated at $6.5 billion. Lau denied the allegations at Ao's trial in April. The former official is already serving a jail sentence for accepting bribes to approve projects. He has been accused of helping companies run by Lau and businessman Steven Lo to win a government tender for five plots near Macau International Airport. "It is quite certain the court case would hurt the reputation of Chinese Estates, putting pressure on the share price," Core-Pacific Yamaichi International analyst Castor Pang told Dow Jones Newswires. Shares in Chinese Estates Holdings fell 7.43 percent to HK$9.09 on Friday, following a suspension the previous day pending the company's announcement on the Macau case.
Vocabulary Prosecution: The institution and conducting of legal proceedings against someone in respect of a criminal charge. Tender: An offer to carry out work, supply goods, or buy land, shares, or another asset at a stated fixed price. Money laundering: concealing the source of illegally gotten money. Bilingual: Speaking two languages fluently. Appease: Relieve or satisfy (a demand or a feeling)
1 2 Bribe Tender Tender Tender Government wants to sell plot of land Government accepts tenders from various developers interested in buying the land 3 4 Government official, Ao Man-long bribed into accepting Joseph Lau’s tender. Joseph Lau’s tender is accepted; he buys the government land.
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