Macau finds Chinese Estates Holdings Joseph Lau guilty of money laundering

A Macau court has found billionaire property developer Joseph Lau guilty of bribery and money laundering, according to reports. Lau, who runs Chinese Estates Holdings, and fellow Hong Kong businessman Steven Lo were found guilty in an operation linked to a land deal near Cotai. He was sentenced to five years and three months in prison. Both pleaded not guilty.