Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Joseph Lau Charged with Bribery

May 25, 2012 by Marion Maneker

Bloomberg reports on the bribery charges facing heavyweight Asian art collector, Joseph Lau:

Joseph Lau, the billionaire chairman of Chinese Estates Holdings Ltd. (127), will stand trial for bribery and money laundering in Macau in connection with a land purchase in the world’s biggest gambling hub.

Lau, an avid art and wine collector, was named last month in the corruption trial of Ao Man-long, Macau’s former secretary of transportation and public works, in relation to land being developed by Chinese Estates in the only Chinese city where casinos are legal. Ties between Hong Kong tycoons and government officials have come under scrutiny since the arrest in March of the co-chairmen of developer Sun Hung Kai Properties Ltd.

“Macau is a small place and the ties between business and the political establishment are very close,” said Joseph Cheng, a professor of political science at City University of Hong Kong. The government is sending “a warning to all those involved in corruption and bribery.”

Chinese Estates Chairman Charged With Bribery In Macau (Bloomberg)

More from Art Market Monitor

  • Christie’s Hong Kong 20th C & Contemporary Evening Sale Breaks a Billion HKD ($132.6m)Christie’s Hong Kong 20th C & Contemporary Evening Sale Breaks a Billion HKD ($132.6m)
  • Phillips 20th Century & Contemporary Art & Design, Hong Kong = $119.84m ($15.36m)Phillips 20th Century & Contemporary Art & Design, Hong Kong = $119.84m ($15.36m)
  • With Sales in Hong Kong, Christie’s & Phillips Test the Asian Market’s Appetite for Western Contemporary ArtWith Sales in Hong Kong, Christie’s & Phillips Test the Asian Market’s Appetite for Western Contemporary Art
  • Hong Kong Rises as Gem & Jewelry Center Reflecting Asian Appetite for Alternative Stores of ValueHong Kong Rises as Gem & Jewelry Center Reflecting Asian Appetite for Alternative Stores of Value
  • Takashi Murakami, with a Retrospective Opening in Russia, Still Wants Recognition in His Homeland Takashi Murakami, with a Retrospective Opening in Russia, Still Wants Recognition in His Homeland 
  • Is Tepid Hong Kong Sale of Warhol’s Mao a Sign of the Chinese Market’s Lack of Interest?Is Tepid Hong Kong Sale of Warhol’s Mao a Sign of the Chinese Market’s Lack of Interest?

Filed Under: Collectors Tagged With: Hong-Kong

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...