The Business Times
The Business Times
Subscribe
Share on FacebookShare on TwitterView more
The Business Times
Create a free account with Business Times for seamless access across SPH Media products.
REGISTER
LOGIN

Companies & Markets

SUBSCRIBERS

How a smooth talker in HK convinced bankers to invest US$32m, then vanished

Many of the investors in Global Merchant Funding were drawn from prominent international lenders

Published Tue, Nov 1, 2016 · 09:50 PM
Share this article.

Abu Dhabi

INSIDE Hong Kong's posh American Club, few worked a room quite like Avery Stone. Over steak dinners and cigars, Mr Stone charmed a Who's Who of financiers into investing millions in his fledgling business. Then, earlier this year, everything unravelled - and he vanished.

Left behind are the questions, including the big one: how did Mr Stone and his partners at Global Merchant Funding Ltd (GMF) apparently dupe Hong Kong's princes of finance into believing their business was on solid footing?

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Banking & Finance

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here