A key shareholder in Australia's most expensive casino development has a long history of association with organised crime figures and people blacklisted by gambling regulators around the world, an ABC investigation has confirmed.The major Star partner has had ties to several notorious gangsters in Hong Kong and Macau
"You know what you know and you don't know what you don't know. I had no knowledge about those parties." Chow Tai Fook owner Henry Cheng and father Cheng Yu Tung during the company's trading debut in 2011. The company's chequered history includes a role in a failed Australian casino bid with discredited gambling tycoon Stanley Ho and interests in his companies, which have been blacklisted in New South Wales.
The late Cheng Yu Tung built his family's fortune on jewellery shops and property developments before he partnered with Macau casino king Stanley Ho in the early 1980s.Ho died in 2020, but his pivotal role in building Macau's casino empire means hundreds of billions in gambling revenue has flowed through the former Portuguese colony since 2002.
When Cheng Yu Tung and Ho opened their Macau VIP rooms, they used the 14K and Sun Yee On Triads as debt collectors. This partnership opened the door to loan sharking, violence, prostitution and drug trafficking. "Broken Tooth" Koi , is arrested by police chief Antonio Marques Baptista , who also went by the moniker “Rambo”.
Mr Clement recalled being introduced to the jewellery tycoon at an event at the Canadian High Commission in Hong Kong. It said Chow Tai Fook's stake in STDM put Cheng in "direct partnership" with Yip Hon, a property mogul who was named in US government reports as an organised crime figure and Triad member.
The New Jersey report also noted intelligence linking an associate of the patriarch's son, Henry Cheng, to organised crime, and that American casino executives had "reservations about Henry Cheng as a partner".The ABC is not suggesting Henry Cheng or Chow Tai Fook are engaged in criminal activity, but these matters raise important public interest questions about Chow Tai Fook's suitability as a Queensland casino owner.
He is currently awaiting trial for 286 criminal charges including money laundering, fraud and criminal associations.
No mention of their ownership of Alinta Energy and was approved by FIRB back in 2017?
Some one needs to tell the ABC Stanley Ho has passed away years ago - all casinos attract the underworld hence Aust governments know this old news
If casinos cannot make money via legal methods they should be closed down. They are just part of organised crime.
Good effort 👍 No where should be the money laundering destination.
markwillacy Well colour me shocked!
The biggest triad link would be the connection to CCP I guess?
Casinos and organised crime? Well, I never.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: abcnews - 🏆 5. / 83 Read more »
Source: abcnews - 🏆 5. / 83 Read more »