Saturday 23 November 2013

What the rich and famous do to avoid a MGO

From David Webb's website comes the following announcement.


"Ms Nina Kung" is no other than the colourful and controversial Nina Wang, who passed away in 2007.





From the Wikipedia page:
  • Nicknamed "Little Sweetie" ("Siu Tim Tim" or "小甜甜" in Cantonese), she was noted for her two pigtails and her love of dressing in traditional Chinese dresses.
  • She was the richest woman in Asia and the world's 35th richest person, with a fortune of $4.2bn, according to Forbes magazine; a fortune which exceeded that of American talk show host Oprah Winfrey.
  • On 12 April 1983, the Wangs' Mercedes was hijacked. Teddy Wang was taken away and chained to a bed for eight days until Nina Wang paid a $33 million ransom. On 10 April 1990, Teddy Wang was kidnapped again. After his disappearance, Nina took the helm of Chinachem under the title of "Chairlady" and built it into a major property developer.
  • Two highly contested wills, both of her late husband and herself (lawyers having a field day in both cases), in both cases the issue of forgery emerged.
Coming back to the SFC announcement:


Why did the richest woman in Asia do this, why did she not simply announce the acquisition of the shares and make a General Offer? We will never know, since she past away, but I assume simply greed. It does show to what extend some of the rich and famous go to avoid making a MGO. Another reason for the authorities to be extra vigilant, and use all available systems.

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