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© 2011 Hong Kong. © 2011 Hong Kong Hong Kong tycoon faces Macau corruption trial  A Hong Kong tycoon is facing prosecution

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Text of © 2011 Hong Kong. © 2011 Hong Kong Hong Kong tycoon faces Macau corruption trial  A...

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  • 2011 Hong Kong
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  • 2011 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. 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.
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  • 2011 Hong Kong 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)
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  • 2011 Hong Kong EnglishFrench prosecutionpoursuite tender offre de marchs publics money laundering le blanchiment d'argent bilingualbilingue appeaseapaiser
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  • 2011 Hong Kong Government wants to sell plot of land Government accepts tenders from various developers interested in buying the land Tender Bribe Government official, Ao Man-long bribed into accepting Joseph Laus tender. Joseph Laus tender is accepted; he buys the government land. 1 3 2 4
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  • 2011 Hong Kong General Facts on Hong Kong City name: Hong Kong means Fragrant Harbor Population: 6.8millions, 94% Chinese Language Spoken: Cantonese & English Currency: Hong Kong dollar(HKD) Bilingual Street Signs New Attraction: Hong Kong Disneyland Traditional Festivals: Dragon Boat Festival
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  • 2011 Hong Kong Only in Hong Kong Two wedding ceremonies are observed by people who get married in Hong Kong. The first is the official signing of the register and the second comprises of the banquet A bun festival is organized on Cheung Chau Island, between April and May, every year. It is intended to appease the hungry ghosts roaming around the island. In Hong King, people eat long noodles on their birthday, so they might be blessed with a long life.
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  • 2011 Hong Kong Reasons to Visit Hong Kong Dining Heritage/Culture Nature Shopping