The Blackstone Group denied yesterday that it has set up a local unit.
The denial came in a story in the Chinese-language Apple Daily about a Kaohsiung-based businessman who claimed he was an exclusive representative for the US private equity fund, which has been in the limelight lately because of several huge transactions.
The paper said man may have defrauded about 50 people of millions of NT dollars since May.
Blackstone spokesman John Ford told the newspaper that the company has not set up any office in this country and has not entrusted any local institutions to raise funds or sell its products.
Blackstone has started an investigation, Ford said.
The Apple Daily said Lee Kuan-jin (李冠謹) required employees to invest NT$500,000 (US$15,250) to NT$2 million before they could start work, according to an employee who reported the alleged fraud.
Lee told the newspaper that he could guarantee an annual return of 40 percent to investors and had raised NT$700 million in the past two months.
Ford said Blackstone does not raise small funds from individuals, but from institutional investors with minimum investment of US$25 million to US$50 million.
The Financial Supervisory Commission said Lee could have broken several laws. If tried and convicted, he could face up to seven years in jail, plus a maximum fine of NT$500 million.
Blackstone is one of the world's top buyout firms, managing approximately US$88.4 billion in assets. The company made its debut in the US stock market last month, raising US$4.1 billion in the biggest initial public offering in five years.
Blackstone also announced last week it had reached a deal to purchase Hilton Hotels Corp for US$20.1 billion.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
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