Fung, in fact, was quietly salvaging his reputation. Digging into his own deep pockets, he began putting millions into Sun Hung Kai. He converted about a third of the bonds he had received from Merrill Lynch into the American company’s stock and sold the shares at a tidy profit, raising $51 million to throw into the rescue operation. To friends astonished by a bailout he was not legally obligated to contribute to, Fung explained: ”One can have money many times, but honor only once.”
MERRILL LYNCH’S ASIAN THRILLER After the Wall Street giant bought an $82-million chunk of Fung King Hey’s brokerage house, his market collapsed, his investments soured, and his bank tottered. But Merrill Lynch is still betting on the Hong Kong financier, and things are looking up. – July 8, 1985.