Michael King

http://www.couriermail.com.au/busin...-be-on-the-cards/story-fnihsps3-1227305444239
FUNG EYES BROADWATER
Hong Kong-based tycoon Tony Fung, the man behind the proposed $8 billion Aquis casino mega-resort at Cairns, has just this week registered a new company, Aquis Broadwater.
That got your diarist wondering whether Fung might want to have a tilt at the $7.5 billion cruise ship terminal and casino-focused resort pitched for Wave Break Island in the Broadwater.
A Fung spokesman said yesterday the entity was a special purpose vehicle created for potential acquisitions which may or may not happen.
Anyway, the sole director and shareholder of Aquis Broadwater is a certain Narelle McBain. Narelle who?
It turns out that McBain, who acts as a company secretary for all of Fung’s Australian interests, worked at now-defunct MFS/Octaviar with failed businessman Michael King. Since the $2.5 billion crash of the tourism and finance group in 2008, the two have also served on the board of an outfit called Diversified Mining.
Fung, of course, had hired King as an adviser last year but cut him loose a few months later.
It just wasn’t a good look, with King and other former MFS/Octaviar top guns currently defending allegations of corporate wrongdoing brought by ASIC.
King and the rest deny claims they misappropriated $147.5 million from an income fund to pay down debt as the GFC intensified