Reuters: Financial Services and Real Estate: TEXT-Fitch:No immediate rtg impact on SHKP from executives' arrest

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TEXT-Fitch:No immediate rtg impact on SHKP from executives' arrest Mar 30th 2012, 10:10 Fri Mar 30, 2012 6:10am EDT March 30 - Fitch says that the arrest of three senior executives of Sun Hung Kai Properties Limited (SHKP) by Hong Kong's Independent Commission Against Corruption (ICAC) has no immediate rating impact on its Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'A' and Short-Term Foreign-Currency IDR of 'F1'. The outlook for the Long-Term Foreign-Currency IDR is stable. On 29 March 2012, two joint managing directors of SHKP, Mr Thomas Kwok Ping-kwong and Mr Raymond Kwok Ping-luen, were arrested by the ICAC. On 19 March 2012, Mr Thomas Chan Kui-yuen, an executive director of SHKP, was arrested. The arrests were in connection with investigation(s) into an offence or offences suspected to have been committed under the Prevention of Bribery Ordinance. To date, Fitch notes the ICAC has not made any charges against these directors or SHKP. Fitch will take negative rating action only if the developments of the investigation adversely affect the operations and financials of SHKP.

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