Forbes accuses ‘billionaire’ of lies about F1

Renowned American business publication, Forbes, has strongly criticized a self-proclaimed billionaire from Hong Kong who has made assertions about being associated with Formula 1.

As recently as late June, reports emerged that “Hong Kong billionaire Calvin Lo has been linked with the FIA’s tender process” for the potential introduction of eleventh and twelfth F1 teams in 2025 or 2026.

Before Christmas, Lo claimed to be engaged in discussions with “a number of teams and drivers.”

In addition to these claims, Forbes writers Robert Olsen, John Kang, and Zinnia Lee disclose that Lo alleges to be “an investor in the legendary Williams Formula 1 racing team” and has purportedly invested $100 million in the team’s owner, Dorilton Capital.

Lo was quoted as saying, “Just between ourselves, I mean, there’s massive amounts of NDAs, but I definitely have interest in it. But I can’t say too much.”

However, a source at Williams refutes Lo’s assertions, stating that no one at the Grove-based team even knows who Lo is.

Furthermore, a person familiar with Dorilton Capital confirms that Lo has never been an investor in the firm or in Williams, leading Forbes writers to categorize Lo’s claims as “flat-out lies.”

When asked to respond to Forbes’ accusations, a law firm acting on Lo’s behalf categorically denied any insinuations of dishonesty, untruthfulness, or unethical behavior on the part of their client.