American man who committed suicide in a Tesla in Sai Kung was the CEO of Adamas Asset Management, ex-wife’s father – founder of DRAGONAIR (Updated)

Heffner,Paul Lincoln

1st January 2021 – (Hong Kong) At around 7.30am today, passer-by found the driver in a Tesla private car unconscious near the bus stop in Tso Wo Hang Village, Tai Mong Tsai Road, Sai Kung, and called the police. The police did not find the suicide note at the scene but found a Lotus brand Portable Charcoal Grill and other exhibits for investigation.

“Happy New Year” was written on the Tesla car’s trunk. The driver of the private car was about 50 years old. He was in a coma and was sent to the Prince of Wales Hospital for emergency treatment. He was later certified dead.

The police officers arrived at the scene to investigate and found a pot of burnt charcoal in the back seat of the car. Based on the vehicle registration information, the police contacted the victim’s family to find out. After investigation, it was confirmed that the deceased was a 55-year-old American man, but no suicide note was found in the car. It was reported that the victim had financial problems and the deceased was the registered owner of the Tesla. According to data, the car was first registered in 2015. The owner was Paul Lincoln Heffner, the founder/CEO/Managing Partner of the investment fund, Adamas Asset Management. He was also the former partner at Ajia Partners Ltd and ex-associate director of Morgan Stanley Private Wealth Management Ltd.

According to sources, the deceased and his family lived on a boat at Gold Coast and they celebrated New Year’ Eve countdown before ending his life this morning.

Paul Lincoln Heffner, Source: Facebook.
Paul Lincoln Heffner with his ex-wife and children. Source: Facebook.
Source: Facebook.

His ex-wife, Ronna Chao is the daughter of Chao Kuang-piu who became a textile tycoon and was the founder of Dragonair. Ms. Chao and Mr. Paul Heffner have completed the divorce procedures in 2016.

Ronna Chao not only runs the family business but also harnesses the power of technology in recycling textile waste. She also takes an active role in the family’s philanthropic work. Ronna said she studied international relations at Brown University in the United States, then spent a year at Keio University to further her studies. After finishing her studies in the US, Ronna took a job at an investment bank.

On 23rd December, 2019, SFC hit Hong Kong-based Adamas Asset Management with a HK$2.5m fine for failing to disclose notifiable interests in eight companies’ shares listed on the Hong Kong stock exchange (SEHK) between February 2013 and March 2016. The percentage level for notifiable interests is 5% and the level for changes to notifiable interests is 1%. Notification should be given to the SEHK and the listed corporation within three business days after the day on which the event occurs. Adamas, which has a strategic partnership with China insurer Ping An, had applied to the Securities and Futures Appeals Tribunal for a review of the SFC’s sanction last September, but subsequently ended its application and was ordered to pay costs.

In February this year, Asia Private Credit Fund Ltd. (In official liquidation) also filed a Writ of Summons at the Grand Court of the Cayman Islands against Paul Lincoln Heffner. The details of the case is unknown.

If you have suicidal tendencies or depression, please call the 24-hour multi-lingual hotline at The Samaritans Hong Kong : 28960000.