rouge faces at the bank after moulin's future becomes a blur
Who isn't shocked by Moulin Global Eyecare's teetering on the brink of bankruptcy?
Listed 10 years ago, the world's No3 eyewear maker became an institutional investor darling almost from day one. Chairman Ma Bo-kee was your new generation, globally ambitious Hong Kong manufacturer who revelled in sweet talking investors and the media. Rarely did any visitor to the firm leave its offices without being plied with flashy sunglasses as a parting souvenir.
Alas, a firm that took more than 40 years to build seems to have come undone in less than six months due to its over-ambitious overseas acquisitions.
Now 16 banks are moving in to recoup as much as they can from what would be one of Hong Kong's biggest bankruptcies. HSBC is listed as a principal banker with a rumoured $1 billion loan exposure, and faces one of the biggest hits from a local corporate since Siu Fung Ceramics went belly up five years ago.
The pain is likely to be widespread, with one acquaintance telling Lai See: 'Nine of the 10 bankers I know had exposure to Moulin.' HSBC's involvement no doubt provided a vital comfort level. The Bank emerged as Moulin's principal banker only last year, according to its annual report, replacing BNP Paribas, which had held the position since 2000.