John Chow (left) has said the brothers never asked to be part of the Rich List. But they appeared to enjoy the status.
In a photoshoot in early 2017, copies of the publication were displayed in their headquarters, seen to John Chow's left. A spat has broken out between a high profile businessman and the publisher of the annual list of New Zealand's wealthy. When the Rich List was published by the NBR this week, it omitted two of its most famous members, John and Michael Chow, the Hong Kong-born, Wellington-raised brothers who rose from working a fish and chip shop to a business empire including strip clubs, brothels, hotels, home construction and commercial property. In noting their removal, NBR blamed a move to remove one of their companies from the NZX for omitting them. 'Their plans to take NZAX-listed Chow Group private has led to NBR taking a closer look at their privately held assets and their membership has been suspended pending further investigation.' READ MORE:. In response, John Chow wrote in a post on LinkedIn that the brothers were being treated like misbehaving children.
Michael (left) and John Chow are best known for owning brothels and strip clubs, but the empire also includes hotels, commercial property and home builder Stonewood. 'Most business people would understand that turning shares from public to private is a completely open and transparent process that even a first year business student could value.
In our case it made absolutely no difference to our personal wealth.' Chow wrote that the episode was 'quite funny really as it's a club we didn't ask to belong to and it now seems it's a club where NBR makes up the rules'.
Even if they did not ask be included on the list, the Chow brothers appeared to celebrate it. In posts on social media platform LinkedIn, Chow frequently refers to he and his brother as 'rich listers' while copies of the Rich List have been prominently displayed in their office, at least in the past. Todd Scott, publisher of the NBR, responded by revealing what appears to be messages Chow had been sending him with questions about the list, which appear to show Chow had a keen interest in being part of it. It was not clear what format the messages were sent. According to Scott, Chow wrote to him suggesting a Rich List party, indicating his company was interested in supporting the idea. 'Get NBR to host a party and invite all the richlister to join.
Even if you got 10% turn up that is still good, and you can get some sponsor dollars. Inno capital is keen to support. Just a thought.' In a 2017 interview, John Chow (left) acknowledged the pair's approach to business was 'ruthless' and that their reputation meant people who would otherwise 'take you on' would not do so. In other messages, Chow wrote to Scott asking about 'my $ figure' in the latest list, which he followed up: 'If possible, can you forward my section and dollar amount?'
Chow has since responded by posting other messages from Scott, including one congratulating him for his entry. 'You guys are heading in the right direction.' The message appears to be from 2015.
Not the first It is not the first time the NBR has removed high profile individuals from the list because of uncertainties about their financial position. In 2010 South Canterbury Finance founder Alan Hubbard and Wellington property developer and former Wellington Phoenix owner Terry Serepisos were removed from the list because of uncertainty over their financial position following well publicised cash-flow issues. NBR said at the time that the publication created the list from readily and publicly available information and, given the uncertainty around the pair, it was prudent to put them on hold in order to retain the integrity of the list. But the reasoning for the suspension of the Chow brothers is harder to understand. Critics of the annual list have questioned how the authors can accurately estimate private wealth, but the move by the Chow brothers is transparent in comparison to estimating the value of the brothers' other businesses. At the time the Chow brothers notified the market that they would buy the shares in the company they did not own, the price at which the shares traded implied the shares they did not already own were worth around $700,000, a tiny fraction of the $170m the NBR estimated they were worth in 2017.
Unlock code generator blackberry. Former NBR staff have admitted that many individuals firmly refuse to cooperate with the publication, while others virtually lobby the publication that they are worth more than they had been given credit for. Chow declined to comment for this story. Scott said the publication's senior editorial staff were the ones who calculated the list, and he only learned that the Chows were not included when he read about it. While the publication had invested 'unprecedented' resources into calculating the wealth of individuals, and uncovering people who had previously been overlooked, he acknowledged there were limitations. 'We can only prove what you can prove if you have the resources to prove it, but I'd like to think we'd do a more thorough job than the lay person.'
Scott acknowledged the publication sometimes believed individuals were worth more than assumed, but could not prove it. The publication had been threatened by some individuals that they were being defamed in the list, Scott said, in some cases because they were worth more than the Rich List suggested, and in other cases because they said they were worth less. Stuff.
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