Why it matters: Some 30,000 investors have yet to recoup money placed in Bubs
The company is embroiled in a stoush between management and its distributor
Ming Tee Lee can be revealed as a major backer of those distribution partners
Lee Ming Tee, the Malaysian billionaire behind the conglomerate that owns the InterContinental Hotels in Sydney and Hayman Island, has emerged as the key player behind a Chinese baby formula distributor in the midst of an attempt to role the board of Bubs Australia.
AZ Global, the infant formula group’s largest distributor, claimed Mr Lee is one of its key backers in a pitch deck obtained by AFR Weekend. Mr Lee founded Hong Kong-listed property investment company Allied Group.
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clarification —
This article has been updated to note that Allied Group is not an investor in AZ Global and is controlled by the Lee family trust, not Lee Ming Tee.
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
