Monday, March 31, 2014

Missed it by that much!

The Cairns Post carries a further report today on yet another in the series of backflips that will again see Aquis register interest in one of the two new regional casino licences in addition to the Reef bid: Aquis mega-resort at Yorkeys Knob developers place bid for regional integrated resort

However what caught my attention were the following comments from our favourite business editor:
In documents lodged on the Reef Hotel Casino website, the Fungs reveal a complicated structure of the Aquis Group which is 100 per cent owned by Tony Fung, who also wholly owns Aquis At The Great Barrier Reef Resort company.
He has established an offshore wholly owned holding structure, believed to be in the Marshall Islands, that owns: Aquis Reef Holdings which also owns Aquis Reef Operator Holdings which is buying Casinos Austria International Cairns (operator of the casino); Aquis RE Holdings, which is acquiring Reef Corporate Services (manager of the hotel casino); and Aquis Casino Acquisitions, which is buying the Reef Hotel Trust (owner of the casino and hotel).
Believed to be in the Marshall Islands? I thought we had pretty well documented the corporate links to the British Virgin Islands which are easily verified by an ASIC search for these companies. In fact it could also have been found by Nick in section 4, page 19, of the Aquis bidder's statement.

Never mind, a distance of a mere 13,259 km or 8,239 miles is pretty good by Nick's standards!

A = Marshall Islands; B = British Virgin Islands

The world's most notorious tax haven was not impressed by the leaks and their adverse impact on business. The leaks included some of the information previously posted on Tony Fung's BVI corporate connections. Apparently I could now go to prison for up to 20 years in the BVI for publishing such information, double the sentence for child pornography as reported by The Economist: Going overboard

Meanwhile a story a few years ago in Hong Kong Economic Times - iMoney on elder brother Thomas also offers some perhaps slightly different and less sycophantic perspective to the reports by the Cairns Post on Tony Fung ("the bad boy of stock markets") and also perhaps not entirely consistent with the brief history provided in the bidder's statement?

No comments:

Post a Comment