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Thomas and Raymond Kwok, the billionaire co-chairmen of Asia's largest developer Sun Hung Kai Properties, and Rafael Hui, Hong Kong's former No.2 public official, appeared at a Hong Kong court today to hear formal corruption charges against them.
This is Hong Kong’s biggest corruption case in 40 years. The charges come after investigations between government officials and the city’s tycoons. That has touched a nerve with angry citizens who are concerned at the wide spread corruption between a leading public figure and the two billionaire property developers.
After attending the one hour hearing where they were both formally charged, the youngest brother Raymond Kwok talked to a waiting press corp, saying in Cantonese, that he had done nothing wrong
"I firmly believe I haven't done anything wrong. The Hong Kong judicial system is very fair. I will do my best to defend myself against these accusations. My goal is to prove my innocence. Thank you."
Three others have also been charged in the Sun Hung Kai case. Thomas Chan, the Sun Hung Kai board member in charge of land purchases, Francis Kwan, a former banker and a former chief operation officer of the Hong Kong Futures Exchange. Thomas Kwok's lawyer declined to comment while lawyers representing the other four could not immediately be reached for comment.

Kweku Adoboli, the ex-UBS employee at the centre of one of the largest rogue trading scandals in recent history was granted bail by a London court, ahead of his trial on 3 September.

Adoboli, who denies charges of fraud and false accounting which cost the Switzerland-based bank UBS $2.3bn last year, was previously denied bail in February.

Since Adoboli's bail application was heard privately at Southwark Crown Court, the exact conditions have not been disclosed to the media.

However, Tim Harris, the lawyer acting for Adoboli, told the Reuters news agency that Adoboli would have to be electronically tagged and adhere to curfew conditions, including living at a friend's house.

One of the first lessons bankers absorb in their training is the importance of timing.

In fact, it starts even earlier than that, with the most fundamental calculations taught in business school around the world: the time value of money.

Put simply, a dollar today is worth more than a dollar tomorrow.

So when someone is more concerned about *when* they are paid than *what* they paid, they're not in the best position to cut a deal.