By Jonathan Davies

Thomas Kwok, a Hong Kong property tycoon, has been sentenced to five years in prison for corruption.

The 63-year old was found guilty on one count of conspiracy to commit misconduct in public office, after paying bribe totalling $1.1 million to a former government official, Rafael Hui, between 2005 and 2007.

Kwok, who resigned as chairman and managing director of Hong Kong's largest property development firm, Sun Kung Kai Properties, was also fined $64,440 (£41,327).

Rafael Hui is also facing jail after being found guilty on five of the eight charges against him.

Kwok's younger brother, Raymond, has already been cleared of all charges.

The two brothers are estimated to be worth a combined $14bn. But the company's share price, and that of other property developers in Hong Kong, tumbled after they were arrested over two years ago.

Join us on
Follow @freshbusiness