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| Tony Fung |
Mr Fung also stated he announced his bid for the Reef Casino on November 13 last year.
The following information seems to over-ride his statement:
The Liquor and Gaming Regulation Commissioner David Ford stated the probity investigation started on March 5, not a year ago.
Some people are jumping up and down but there is a process to follow and this being such a big project there needs to caution when issuing licences and according to the Brisbane Financial review they stated: http://www.afr.com/p/business/companies/all_bets_off_in_the_sunshine_state_cUBXhc6ZSXe5p8QgNSFq0H
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| Reef Hotel Casino |
In Saturday Weekend Post the Liquor and Gaming Regulation Commissioner David Ford stated that he doubts he can meet the deadline to complete the probity into Hong Kong billionaire Tony Fung's take over of the Reef Hotel Casino.
In Fact Mr Fung was advised last month that the November 28 deadline would be difficult to meet.
Mr Ford said the probity investigation started on March 5, not a year ago.
“Although significant progress has been made in the investigation, important financial information, including issues around its equity funding and future cash flows, remains outstanding from Aquis,’’ he said. “In addition, discussions with the Queensland Police Service and through them with international policing agencies, to finalise consideration of the reputation and criminal history of Aquis and its associates are yet to be finalised.
“The nature of casinos has made them targets for organised crime, both in their ownership and as a means of laundering ill-gotten gains. While this has never been an issue in Queensland it is important that the regulatory processes work to eliminate these risks as far as is possible.
“Obviously, there are a number of factors which affect the length of probity processes including whether the applicant has been similarly licensed elsewhere, their corporate structure and source of funds.
“I would note that Aquis has had little corporate history in Australia, has not been similarly licensed elsewhere and is sourcing a significant proportion of its funds from offshore.
“The OLGR is well aware of the need for a timely response in a commercial transaction such as this and will continue to engage with Aquis to finalise the matter as quickly as possible.’’
In earlier stories on Cairns Video News it was stated that Mr Fung didn't have the self finance for this project and he approached investors and banks to back him on this venture and as yet nothing has surfaced to satisfy not only the government but a majority of residents.
If there had been any type of response from the visiting investors no doubt everyone would have heard about it.
The former treasurer and now Reef Hotel Casino Trust Director Keith DeLacy is jumping up and down saying the probity process is taking too long.
Well Mr DeLacy you having been a politician should know that these things require proper scrutiny, your outcry is for you and your employers benefit and stuff everything else.
It doesn't work like that anymore and with proper scrutiny by the Commissioner of the Liquor and Gaming department it appears that they are going to do the checks that are required and if they don't come up to scratch then Aquis will as I have previously stated will fade into the sunset.
As far the Cairns Regional Council, Cairns Chamber of Commerce, Advance Cairns, Tourism Tropical North Queensland and Cairns Airport go sit back and stop interfering with the process.
Good to see that the Deputy Premier has refused to intervene in the probity process.
From a qualified & experienced financier:
With no joint venture investor parties, a hotel operator of international calibre nor an experienced casino operator there is absolutely no evidence whatsoever that Mr Fung has the financial capacity to deliver this massive $8bln project himself. So before spending huge amounts of public monies and time on evaluating the Aquis EIS why has the government not demanded Mr Fung provide assurance that if the EIS is approved, licence granted etc he has underwritten finance and can actually then deliver the project. This is usually standard practice for substantial projects such as this. Simply if Fung and this project is to be given any credibility as anything other than ‘pie in the sky’ we need to see a letter from lending agencies such as banks that they will make all monies available for the construction of Aquis if licences are granted.
Will this project go ahead probably not.
Read all comments in regards to this story:
http://www.cairnspost.com.au/business/tony-fung-threatens-to-walk-away-from-815bn-aquis-resort-if-reef-hotel-casino-takeover-isnt-completed-in-2014/comments-fnjpusdv-1227100580949
http://www.cairnspost.com.au/news/commissioner-throws-doubt-on-reef-casino-probity-deadline/comments-fnjpvlcp-1227101630795
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