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Hong Kong tycoon faces Macau corruption trial A Hong Kong tycoon is facing prosecution for alleged bribery and money laundering in

connection with a government land sale on the Cotai casino strip in Macau, his company said.

In the latest corruption scandal to hit Hong Kong's business elite, Chinese Estates Holdings said its chief executive Joseph Lau denied attempting to bribe a jailed former senior official over the land tender.

Lau, 61, is ranked fifth on Forbes magazine's list of richest people in Hong Kong, Asia's banking and financial centre, with a fortune estimated at $6.5 billion.

Lau denied the allegations at Ao's trial in April. The former official is already serving a jail sentence for accepting bribes to approve projects.

He has been accused of helping companies run by Lau and businessman Steven Lo to win a government tender for five plots near Macau International Airport.

"It is quite certain the court case would hurt the reputation of Chinese Estates, putting pressure on the share price," Core-Pacific Yamaichi International analyst Castor Pang told Dow Jones Newswires.

Shares in Chinese Estates Holdings fell 7.43 percent to HK$9.09 on Friday, following a suspension the previous day pending the company's announcement on the Macau case.

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Vocabulary

Prosecution: The institution and conducting of legal

proceedings against someone in respect of a criminal

charge.

Tender: An offer to carry out work, supply goods, or buy

land, shares, or another asset at a stated fixed price.

Money laundering: concealing the source of illegally

gotten money.

Bilingual: Speaking two languages fluently.

Appease: Relieve or satisfy (a demand or a feeling)

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English French

prosecution poursuite

tenderoffre de marchés

publics

money launderingle blanchiment

d'argent

bilingual bilingue

appease apaiser

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Government wants to sell plot of land Government accepts tenders from various developers interested in buying the land

Tender

Tender

Tender

Bribe

Government official, Ao Man-long bribed into accepting Joseph Lau’s tender.

Joseph Lau’s tender is accepted; he buys the government land.

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General Facts on Hong Kong

City name: Hong Kong means Fragrant Harbor 

Population: 6.8millions, 94% Chinese

Language Spoken: Cantonese & English

Currency: Hong Kong dollar(HKD)

Bilingual Street Signs New Attraction: Hong Kong Disneyland

Traditional Festivals: Dragon Boat Festival

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Only in Hong Kong

Two wedding ceremonies are observed by people who get married in Hong Kong. The first is the official signing of the register and the second comprises of the banquet

A bun festival is organized on Cheung Chau Island, between April and May, every year. It is intended to appease the hungry ghosts roaming around the island.

In Hong King, people eat long noodles on their birthday, so they might be blessed with a long life.

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Reasons to Visit Hong Kong

Dining

Heritage/CultureNature

Shopping