Project revived of Singapore Flyer

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1. Guest2188
   

   By September 2005, the project was revived when funds were successfully sourced from two German banks. Collin William Page, a subsidiary of ABN AMRO, was to provide equity to a maximum of S$100 million, with a further S$140 million coming from HypoVereinsbank. With this injection of S$240 million, the largest single foreign investment in the Singaporean entertainment industry, construction was slated to begin by the end of the month. The stakeholders then were AAA Equity Holdings, Melchers Project Management, and Orient & Pacific Management.
   In August 2007, Florian Bollen, Singapore Flyer Pte Ltd chairman, raised his stake in the Singapore Flyer from 60% to 90% through acquisition of Melchers Project Management's 30% stake. The deal was done via AAA Equity Holdings, a private investment vehicle headed by Bollen. Orient & Pacific Management, which spearheaded the project development management, owns the remaining 10%.
   In March 2010, Great Wheel Corporation, a consultant for the Singapore Flyer, was one of several companies named in a report alleging embezzlement, lodged with the prosecutor's office in Berlin, Germany. Transfers of €3 million to companies in the Virgin Islands and UK, and monthly payments of €40,000 from the Berlin wheel's project company, Great Berlin Wheel, to its linked company Great Wheel in Singapore, are questioned. A prosecutor's office spokesperson said: "We understand there were false contracts concerning non-existing deals, and these contracts were made to take the money for private concerns."

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