|LOOKS JUST LIKE THE FANCY AQUIS|
PICTURES WE WERE GIVEN
But the intrigues around "Big Daddy Tony" Fung Wing-Cheung and his erstwhile son Justin Fung continue to spin in the wake of the Queensland Government approval of the Echo Casino project in the Brisbane CBD, and the previously discussed Baha-Mar project, sitting unfinished in the Bahamas since late 2014.
Chow Tai Fook Enterprises, and principal Cheng Yu Tung, is a Hong Kong-based conglomerate with a foothold in the jewelry business. The jewelry business has been used as a "money laundering" scheme in Macau to allow mainland Chinese to circumvent gambling restrictions. Chow Tai Fook is a major investor in Macau-based casino operator SJM Holdings.
Chow Tai Fook was the "money" behind the Star (formerly Echo) bid for the Queen's Wharf project, along with Far East Consortium (Australia). With the project licence issued by the Queensland government this past October, we're now reporting that the Fung's are "off-the-books" investors in Queens's Wharf.
Insiders report that Tony Fung had no way to get a casino
|BIG DADDY FUNG. GOTTA PUT|
MY MONEY SOMEWHERE, GODDAMMIT!
Chow Tai Fook Enterprises first attempted to purchase a poorly performing project in Las Vegas, and reportedly was rejected for a casino licence there.
They then began negotiations to takeover the stalled Baha-Mar project, on which we've previously reported. This project, over 90% completed but bankrupt due to malfeasance by the Chinese-government-owned contractor, is now being finished by Chow Tai Fook. While the Bahamanian authorities were appraised of the casino licence rejection of this company, the Bahamanian government could not let this project sit uncompleted - and they've turned a blind eye to the shortcomings.
As has the Queensland government. We understand that while investigators were advised by the US government of the licence rejection in Nevada, the government conveniently responded that the "information collection phase was closed" and they would not consider the rejection in their evaluation.
You can't make this shit up.
Tony Fung's companies are said to have pledged cash for the Baha-Mar project as well.
Insiders around Cairns believe Fung never had any intention of building out Aquis - it was a muscle-flexing exercise with upper echelon mainland Chinese government officials. Remember the Boeing 757 "corporate jet" that Fung bought? It was really only used for one group of flights - government officials from the mainland who ultimately nixed putting any money into the Fung project in Cairns.
And Brisbane-based investigators have also connected the various Hong Kong entities to a known Chinese gangster, Stanley Ho. And the Labor Party. Along with the Queensland LNP. They're all happy to wallow in the mud.
Meanwhile, Cairns revels in the announcement that one major bridge (out of three), will be upgraded. Praise Jesus!