A colourful life's latest chapter: Hong Kong executive freed from Taiwanese kidnappers is no stranger to headlines
The life of chef-turned-entrepreneur Wong Yuk-kwan, 68, has been nothing short of a roller coaster ride.
The life of chef-turned-entrepreneur Wong Yuk-kwan, 68, has been nothing short of a roller-coaster ride.
The man also known as Wong Kwan made a lucrative bet on smaller-capitalisation companies on the Hong Kong stock exchange and investments in Skyhigh and Genesis on The Peak - the most expensive residences in the world before the property market crashed in 1997.
READ MORE: 'Back from hell's gate': Hong Kong executive bailed on fraud charges rescued from Taiwanese kidnappers demanding HK$70m ransom
Wong came to Hong Kong from the mainland in the 1960s, starting out as a kitchen helper in modest restaurants. But his cooking skills pushed him up the ranks and within seven years he became the master chef of several five-star hotels and deluxe restaurant chains.
In the 1980s, Wong left the food industry to turn his sights on property investment. Leveraging his own savings of HK$150,000 and a few social connections, he set up his flagship property company, Pearl Oriental Holdings - unrelated to the Pearl Oriental Oil company he now chairs.
Pearl Oriental Holdings would buy old buildings, repackage them into what he sensed the market wanted at the time, and do a quick makeover. His properties often went for double or triple the price when he decided to sell.
But the Asian financial crisis in 1997 dealt a severe blow to his businesses, and Pearl Oriental Holdings slipped into trouble with about HK$1.4 billion in liabilities.
READ MORE: Taiwanese police seek Hong Kong executive feared to have been kidnapped while on bail for fraud
In 2006, Wong resurfaced with the purchase of a controlling stake in Hong Kong-listed logistics firm China Merchants DiChain (Asia) for HK$80 million, later renaming it Pearl Oriental Oil and focusing on energy- related businesses.
On Tuesday night in Taipei, Taiwanese police rescued Wong from kidnappers who had held him for 38 days and demanded a ransom of HK$70 million.
His gaunt appearance yesterday stood in marked contrast to the image of the high-flying stock and property punter he was known to be for years.
Watch: Suspects in Hong Kong businessman Taiwan kidnap case brought to police station
Video footage of the moment he was rescued showed he was sobbing for what he described as "picking his life back up from hell's gate".
Wong was kidnapped after travelling to Taipei a few months ago. He is on bail and was due at Hong Kong's High Court yesterday to hear fraud charges by the Securities and Futures Commission over an oilfield transaction in the United States.
