A court official in Macau said Joseph Lau, the billionaire Chairman and Chief Executive Officer of Chinese Estates Holdings, was found guilty of corruption and given a five-year prison sentence, Reuters reported.
Lau and another tycoon Steven Lo, were accused of offering a bribe to a former government official in Macau in the amount of HK$20 million or $2.6 million to bag a deal involving land located close to the Cotai strip. The court also found Lo, Chairman of South China Football Club and BMA Investment, guilty of the same charges levied on Lau-bribery and money laundering-and given the same sentence, the report said.
According to a report on Hong Kong television channel RTHK, Lau and Lo would be appealing the decision. Moreover, the RTHK report said that Hong Kong and Macau had no extradition treaty and as such, both men would be able to avoid imprisonment for as long as they don't go to Macau. Both Lau and Lo were also absent in the Macau hearing, the report said.
The case revolved around Ao Man-long, the former secretary for transport and public works in Macau who was sentenced to 28 ½ years in prison on charges of accepting bribes in exchange for approving projects quickly. He is the most senior government official apprehended by the anti-graft agency in Macau, the report said.
The verdict comes at a time when Macau and Hong Kong residents have expressed their antagonism at the skyrocketing prices of properties and the intimate relationship that government and business have. According to Forbes, Lau's fortune reached $6.5 billion. He also made serious bets in London property and is said to be an art and red wine collector. Tabloids in Hong Kong also constantly feature the divorced businessman's love life as he is linked to many former Hong Kong beauty queen title holders, the report said.
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