PROPERTY developer Oxley Holdings has clarified that no person has been arrested in connection with chief executive officer Ching Chiat Kwong’s purchase of Palazzo Dona and Palazzo Papadopoli in Venice.
Ching is also not subject to any personal restrictions in Italy, and no precautionary measure restricting personal liberty has been requested by the public prosecutor or ordered by the Court of Venice against him, Oxley said on Monday (Jul 29).
The group’s clarifications follow media reports of Ching’s alleged involvement in corruption investigations against public officials in Venice.
“The arrests of Venetian public administrators mentioned in the press concern facts totally unrelated to Mr Ching’s investment activities in Venice,” the group said.
The group was responding to news articles detailing Ching’s alleged involvement in a corruption probe involving Venice Mayor Luigi Brugnaro, who is said to have granted favours to developers in exchange for kickbacks.
The Associated Press reported on Jul 17 that Brugnaro and two aides were being investigated for allegedly agreeing to ensure approvals for a 348,000 square metre residential and commercial project by Ching for 150 million euros (S$218.4 million).
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The development was for a piece of land Brugnaro bought for five million euros at a public auction before he was mayor.
In a bourse filing, Ching clarified that the allegations were brought about by Claudio Vanin, the de facto director of a general contractor company that was appointed to develop projects in Tuscany and Venice – Ching’s personal investments.
Vanin had accused Ching of allegedly reaching an agreement with the Venice mayor to obtain a change in the building indexes and a favourable price for the purchase of two buildings owned by the municipality of Venice – Palazzo Dona and Palazzo Papadopoli. In exchange, the purchase price of the waterfront area, also known as Pili Land, would be increased.
Ching had considered the possibility of Oxley Group developing Pili Land into a waterfront township and a feasibility study had been carried out.
However, based on the results of the study, it was determined that any development project would not be commercially viable as the costs would be too high. There were no further steps taken in respect of Pili Land, and no discussions on the purchase price, the group said.
As for Palazzo Dona and Palazzo Papadopoli, these were for Ching’s personal investments and carried out in his personal capacity, the group said on Jul 25.
On Monday, Oxley Group added that according to Ching’s lawyer, no person has been arrested in connection with Pili Land either.
