Chow Tai Fook Accused of Links with Organized Crime
August 24, 22
(IDEX Online) - Chow Tai Fook has been accused of having links with organized crime dating back over decades, following an investigation by ABC News, Australia's public news broadcaster.
It claims the Hong Kong-based jewelry empire, with almost 6,000 stores globally, has "a long history of association with organised crime figures and people blacklisted by gambling regulators around the world".
The probe follows Chow Tai Fook's acquisition of a 25 per cent stake in the $2.6bn Star casino being developed at Queen's Wharf, in Brisbane, Australia (pictured), and a 50 per cent stake in the surrounding apartment towers, due for completion next year.
Chow Tai Fook was endorsed as a fit and proper partner for the casino by authorities in the northeastern state of Queensland in 2015.
ABC's investigation team says it presented the official who acted as probity adviser on the project with a dossier detailing alleged links between the Cheng family, which controls Chow Tai Fook, and many figures with known links to the criminal underworld.
The probity adviser, Len Scanlan said he had knowledge of the alleged criminal associations and would not have approved the bid if he had.
ABC said neither Chow Tai Fook nor The Star Entertainment Group, owners of the casino, responded to requests for a comment.