Shares in Chinese Estates Holdings were suspended in Hong Kong yesterday after Joseph Lau, its chairman, was charged with bribery and money laundering in Macau. The allegations have further tarnished the reputation of Hong Kong property developers and undermined efforts to improve Macau’s corporate image.
The allegations are the latest twist in a case brought by the Commission Against Corruption of Macau, the anti-graft watchdog, against Ao Man Long, Macau’s former secretary of transport and public works, who in 2009 was jailed for 28 years on separate corruption charges.
During Mr Ao’s latest trial last month, Macau prosecutors accused him of accepting $2.6m for helping Mr Lau and a business partner obtain land near Macau’s airport for La Scala, a luxury residential development. The court has yet to announce its ruling on Mr Ao’s case. Mr Ao denies the allegations.