Former MFS boss Aquis project manager
Michael King has been employed by Hong Kong billionaire Tony Fung as his project manager for the proposed $8.15 billion Aquis resort-casino at Yorkeys Knob in North Queensland.
Mr King was the co-founder of the MFS tourism group that collapsed in early 2008 owing about $2.5 billion.
Octaviar Ltd (formerly MFS Ltd) is an Australian investment company in the funds management and financial services sectors. The company, once valued at $2.4 billion was forced to sell its main asset, the Stella Group (now trading well as the Mantra Group), in February 2008.
On August 1, 2009 the company was placed into liquidation.
The Australian Securities and Investments Commission commenced civil proceedings in the Queensland Supreme Court against five former officers and three subsidiary companies of the formerly-listed MFS Ltd, now known as Octaviar. The Supreme Court trial for the matter has been ongoing, to be heard again next month in Brisbane.
ASIC named the defendants in the matter as the former chief executive and director of MFS Ltd and MFS Investment Management, Michael King, deputy chief executive Craig White, the former chief executive of MFS Investment Management, Guy Hutchings, the former chief financial officer and company secretary of MFS Ltd, David Anderson, and a former fund manager with MFSIM, Marilyn Watts.
Aquis’ Justin Fung said, “Michael is a project manager who has helped us gain access to networks in Australia,’’ he said. “We’ve found him to be extremely effective and a good character.”
