This saga is starting to sound and look like a thriller rather than a business deal and why didn't the Aquis people make sure that all the information was completed or was there another reason for it to be kept quiet.
Even people who supported this development are starting to ask questions like why take a plane load of journalists to Macau to look at other casinos when in fact all requirements had not been completed although Mr Fung was blaming the Liquor and Gaming Commissioner for taking so long.In the Cairns Post Dated Monday November 24, 2014 he admitted the following:
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| Artist impression: Aquis Casino/Resort at Yorkeys nob |
Aquis chief executive Justin Fung has admitted that 13 of 15 conditions — including probity — have not been met with just four days to go before the $276m offer lapses.
The state’s Office of Liquor and Gaming Regulation Commissioner David Ford has told the Fungs that probity investigations will not be completed by Friday’s deadline.
A number of concerns have been raised over time such as:
(1). “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".
(2). Important financial information, including issues around its equity funding and future cash flows, remains outstanding from Aquis,’’.
(3). “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.
(4). “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.
(5). “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.
(6). Professor Nott said he was frustrated by the lack of data contained within the report which would have assisted him and his team to check and test all the revelant information within the report.
We could go on with various problems but the listing above gives you a fair idea of the problems that have arisen.
Statements have been made that Tony Fung has the money to build Aquis NOT TRUE:
"Justin Fung said: The Fung family had spoken to financial institutions about funding the resort and had NOT yet committed to any, he said".
As reported in the Cairns Post
24 November, 2014
AQUIS developers Tony and Justin Fung are buying Casino Canberra in a separate $6 million deal so it can raise the billions of dollars needed for the Yorkeys Knob project.
The Fungs have virtually abandoned a $276 million takeover of the Reef Hotel Casino in Cairns after the Office of Liquor and Gaming Regulation indicated it could not complete probity investigations by Friday.An Aquis spokesman said in light of the likely lapse of the Cairns casino offer, Casinos Austria and Aquis late yesterday agreed to amend the existing purchase agreement to allow the Fungs to buy Casino Canberra.
“This is subject to ACT gaming regulatory approvals being satisfied to allow for completion before Christmas,’' hd said.
The spokesman said the Fungs were confident of passing probity for the Canberra property.
“If the transaction is completed on schedule, Casino Canberra will provide Aquis with a vehicle that can be floated on the Hong Kong Stock Exchange in 2016 and facilitate the raising of debt and equity capital to fund Aquis at Yorkeys Knob,’’ he said.
Read the full story tomorrow in the Cairns Post.
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