New doubts have surfaced as to whether the proposed US$50 billion Nicaragua Canal project will come to fruition after it emerged that Wang Jing, leader of HKND group, lost 85% of his net fortune after the Chinese stock market crash recently, according to The Guardian.
Prior to the crash, Mr Jing was allegedly worth more than $10 billion, with his net worth slumping to $1.1 billion after the crash.
Daniel Wagner, the head of US-based consultancy Country Risk Solutions, told Bloomberg: “The turn of fortune in … Wang’s financial resources will impact how and whether the canal can and will be built. I would expect, given this year’s financial gyrations in China, that the government is also asking itself whether the canal is a viable proposition.”
Bill Wild, HKND’s chief project adviser for the canal, said: “I have no doubt that appropriate financial arrangements will be in place before construction commences.”
Mr Jing said: “We can demonstrate to the world that we are builders, not destroyers [and that] what we bring is wealth and dignity. I am confident that we will succeed, and that victory will belong to us.”
If the canal continues as planned, it is anticipated to be completed by 2020, despite concerns that the Nicaragua Canal is an environmental threat to the people of Nicaragua and the marine life that dwell in its waters.