Thursday, 12 November 2015

Joseph Lau's Bling Bling Spree

Joseph Lau paid over $48 million for this gorgeous blue diamond at auction
Billionaire Joseph Lau Luen-hung was not shy about revealing he was the mystery buyer who snapped up a 12.03-carat blue diamond at auction in Geneva for a record-breaking $48.4 million -- for his seven-year-old daughter Josephine.

After he secured the winning bid, Lau promptly renamed the rare stone "Blue Moon of Josephine".

A few days earlier he bought another rock for his little girl, this time a 16.08-carat pink diamond for $28.5 million and named it "Sweet Josephine".

Lau was convicted in a bribes-for-land racket in Macau
Back in 2009 he showered the then one-year-old with another blue diamond, paying the then record price of $9.5 million for 7.03 carats.

The man has good taste in diamonds. But for a seven-year-old?

Another major fact to consider is that while he is listed by Forbes to be the sixth-richest man in Hong Kong with $9.8 billion in assets, Lau is also a fugitive, after being jailed in absentia in Macau in March last year for his part in a bribes-for-land racket involving Ao Man-long the most corrupt public official ever convicted in the city's history.

Lau received a five-year jail term, but has not served one day because the former Portuguese colony does not have an extradition treaty with Hong Kong. As long has he doesn't step foot in Macau, he's safe for now.

So why is the billionaire showering this one daughter with over $86 million in diamonds when he has four other children?

On Tuesday Lau also bought this diamond for his Josephine
He has a son and a daughter with Bo Wing-kam, another daughter and son with Yvonne Lui, and then Josephine's mother is girlfriend Chan Hoi-wan, who also bore him a son in 2012.

One can imagine Josephine can't go around anywhere now without an entourage of bodyguards as she plays with her new sparkling baubles...

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