HK tycoon Lau rejects Macau corruption charges

HONG KONG -- A Hong Kong property tycoon insists he is innocent of bribery and money laundering charges filed against him over a land deal in the gambling hub of Macau.

Chinese Estates Holdings Ltd. said late Thursday that Chairman Joseph Lau "strenuously denied the allegations leveled against him."

Lau is the latest Hong Kong tycoon to be involved in a corruption scandal. According to Forbes, he's worth $6.5 billion.

Chinese Estates announced Wednesday that Lau was charged, adding that the case was expected to go to trial in Macau's Court of First Instance. The company said the charges stem from allegations made in the latest corruption trial of Macau's former public works chief, Ao Man Long