OpinionBig Lau's Macau land fiasco is the movie that never got made
For Chinese Estates tycoon Joseph Lau, the ultimate insult in the Macau corruption case is that he was 'cheated' out of a lucrative business deal
Joseph Lau Luen-hung will not be going to jail in Macau even though he has been convicted there of bribery on a massive scale. Yet to describe him as "very sad and very upset", as his lawyer did, is probably a gross understatement.
Money Matters recalls a chat with Lau years ago. He was then complaining about a woman who came to him asking for a loan, offering to pay an interest rate lower than what she had proposed to another person whom he described as "my disciple".
"I almost had to stab my thigh with a knife to stop myself from throwing a chair at her," Lau said. "How dare she offer me a lower rate!"
To be treated or seen as a fool is probably the worst insult, if not a crime, in the eyes of Lau, whose transformation from electric fan manufacturer to tycoon relied on his wits and guts.
The Macau land fiasco is one such insult.
To be treated or seen as a fool is probably the worst insult, if not a crime, in the eyes of Lau
In early 2005, businessman Steven Lo Kit-sing informed Lau of Macau's plan to sell five plots of prime land near its airport. They decided to get the land by offering Macau's then secretary for transport and public works, Ao Man-lung, a HK$20 million bribe, according to last week's Macau court judgment.