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Migs
Au Yeung Wai Kay - A Chinese Takeaway Big administration thread incoming... In the last 24 hours, Au Yeung Wai Kay has emerged as the villain of the piece. He's faced death threats, accusations of betting against the club, and lots more. But, and this will always (1/14)
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Migs Jul 3
Replying to @mfemigs
be a problem in such instances, nobody actually knows who he is, or where he is. Google his name and you'll get a million hits, all of them related to his short time as owner of Wigan Athletic, and many of those referencing the current administration of the club. Take (2/14)
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Migs Jul 3
Replying to @mfemigs
out any Latics-related results, though, and it's a different story. In the last 24 hours, I've found just a single result mentioning any variation of his name. That was a link to some sort of research-based website, so I have no idea if it's even the same man. And (3/14)
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Migs Jul 3
Replying to @mfemigs
therein lies the problem. I am increasingly convinced that Au Yeung Wai Kay doesn't exist. I've no doubt that someone using that name provided sufficient proof to the EFL of having the funds to support Latics until 2022. But the lack of available information about (4/14)
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Migs Jul 3
Replying to @mfemigs
him is telling. To me, the whole thing is a smokescreen for Stanley Choi and IEC to find a mechanism to dispose of the club. I'm not going to get into the issue of anyone laying huge bets on the club to get related. As it stands, there's little in the way of actual (5/14)
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Migs Jul 3
Replying to @mfemigs
proof. The rest of it, though, makes it a little easier to reach a conclusion. When IEC bought Latics, they were a loss making business, with just a single casino in Manila as an asset. I said it then, and I haven't changed my mind, I think they bought the club as a way (6/14)
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Migs Jul 3
Replying to @mfemigs
to mitigate losses, whether by legal means or not. The losses the club built up in the last 18 months went way beyond what they considered appropriate and, ultimately, ownership of the club became an embarrassment. The IEC owners are rich men, obscenely so, and have (7/14)
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Migs Jul 3
Replying to @mfemigs
considerable standing on the Hong Kong stock exchange. Latics increasingly became a millstone which needed to be got rid of. And so Au Yeung Wai Kay came along. IEC, throughout their ownership, had the habit of only transferring funds to the club as bills became due. (8/14)
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Migs Jul 3
Replying to @mfemigs
This, in itself, is a massive worry, and probably was the signal than all was not well. But, in order to have their way out become available, IEC had to find a way to be seen to be washing their hands of anything to do with Wigan Athletic. Once Au Yeung nominally (9/14)
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Migs Jul 3
Replying to @mfemigs
became the owner and sole shareholder, IEC no longer had to report the financial position of the club in Hong Kong. And it soon became clear that the new company would not be providing a single penny to actually fund the club. IEC had their way out, and the mysterious (10/14)
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Migs Jul 3
Replying to @mfemigs
Au Yeung was left holding the baby. Now I have no proof of this, but I am increasingly convinced that Au Yeung Wai Kay and Stanley Choi are one and the same. Choi couldn't have his name anywhere near the administration, but nor would he be able to find a buyer in a the (11/14)
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Migs Jul 3
Replying to @mfemigs
short period of time available. So why not just make a name up, set up a company in the Cayman Islands to avoid any kind of scrutiny and enact a transfer of ownership that was, actually, not a transfer at all? (12/14)
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Migs Jul 3
Replying to @mfemigs
IEC and Choi get to dump a massive reputational and financial liability, the new owner is not just unreachable but also utterly untraceable, and everybody else is left to clean up the mess. (13/14)
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Migs Jul 3
Replying to @mfemigs
We may never know the full story but, when you're shouting and screaming for Au Yeung Wai Kay's head on a plate, make sure you're in the right restaurant (14/14)
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