Sun Hung Kai Propert : Sun Hung Kai Properties Names 2 New Independent Nonexecutive Directors to Board
06/14/2012| 07:03am US/Eastern
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By Jeffrey Ng
HONG KONG--Sun Hung Kai Properties Ltd. (0016.HK) said Thursday it has added two independent directors to its board in order to meet a new Hong Kong stock exchange requirement that independent nonexecutive directors account for a third of a listed company's board.
The developer said that Norman Leung, executive chairman at Television Broadcasts Ltd., and Donald Leung, an independent director at Tern Properties Co., will become independent directors at the company with effect from July 1.
Blue-chip Sun Hung Kai has been under intense media scrutiny after its chairmen, brothers Thomas and Raymond Kwok, as well as another senior executive were earlier arrested by the city's anti-graft agency in relation to a bribery probe that also involves a former senior Hong Kong official.
None of the men have been charged. Hong Kong's laws, which are modeled after the British legal system, empower law-enforcement agencies to detain or offer bail to suspects before deciding whether to file criminal charges against them.
Write to Jeffrey Ng at jeffrey.ng@dowjones.com
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