The ICAC have arrested 23 people for alleged bribery and fraudulent practices.

They include two directors and six employees of a construction company, as well as five directors and a managing director of six other construction contractors.

Also arrested were five owners' incorporation chairmen and vice-chairmen, three employees of different property management companies, and a director of an architectural firm.

The arrests came after the ICAC received corruption complaints alleging two directors of a construction company had obtained renovation contracts of various buildings by corrupt and fraudulent means.

The two directors were alleged to have offered bribes to chairmen and members of the owners' incorporations of a number of buildings, as well as employees of property management companies in relation to the awarding of renovation contracts.

The two directors were further alleged to have manipulated the tendering procedures by corruptly approaching a number of contractors for 'fixing' the price of the relevant tenders prior to the bidding.

They had also allegedly offered advantages to consultancy firms supervising the tendering exercises for favourable reports on their company during the short-listing process.

Inquiries are continuing.