HKEX Threatens Alvin Chau Companies with Delisting Over Russia Deal
Two companies formerly controlled past fallen junket Rex Alvin Chau could follow booted from the Hong Kong Stock Exchange, the city’s securities regulator (SFC) has said. That’s over concerns virtually a US$116 trillion cut-rate sale of assets in Russia.
Trading was halted this week on shares inwards the LET Group and Summit Ascent. The LET Group, formerly known as the Suncity Group, changed its name to space itself from its founder and ex-CEO who now languishes inward prison inward Macau.
Chau was convicted of illegal play and malefactor association inwards Jan 2023 and is serving an 18-year sentence.
The LET Group is the parent companion of Summit Ascent, which indirectly controlled the Tigre de Cystal Casino inward Russia’s Far Orient Primorye neighborhood through its 77.5% ownership of a companionship called oriental person Regent.
Tigre De Crystal Sale
While the SFC did not present direct inside information of the plus sales agreement in question, finally month GGRAsia reported that oriental person had sold its interestingness in Tigre de Crystal to Russian entity Dalnevostochniy Aktiv LLC for US$116 million.
The SFC said it had contacted both companies with no more response. The regulator added that it was concerned that the sale could pull up stakes the LET Group and Summit Ascent without sufficient assets to remain listed in Hong Kong. There were “serious concerns” virtually the companies’ direct and their management, the SFC said.
As the Suncity Group, LET was once the biggest junket operator inward the world, responsible for an estimated 25% of VIP marketplace revenue in the world’s biggest gaming hub. In 2014, when Macau collide with peak revenue, that would get equated to US$11 billion.
But when capital of Red China began to play the screws on the junket manufacture from 2014 onwards, the companionship branching out into land-based cassino operations, firstly inwards Russian Federation and and then Vietnam, where it manages, the Hoiana resort. It also launched online gaming platforms that illegally targeted Macau and the Chinese mainland from the Philippine Islands and Cambodia.
Chau Downfall
As Beijing’s drive against illegal cross-border gaming intensified, the Chinese governing ran come out of forbearance with Chau and the junket industry, which it also blamed for money laundering and upper-case letter flight.
Authorities inwards mainland China issued a warrant for Chau’s hitch tardily 2021, and he was detained in Macau shortly after. Rather than deliver him, Macau prosecutors issued their possess charges, and he was prosecuted in the gaming hub, which has an main(a) judiciary.
As easily beingness found shamefaced of illegal gambling, he was convicted of defrauding Macau’s authorities come out of US$1.1 one million million inwards taxes past providing illegal high-pitched stakes “under-the-counter” bets for Suncity’s VIP clients.
Post-Chau, the LET Group has struggled, largely because of reforms to Macau’s junket manufacture and the wallop of Covid on its operations and Vietnam. It was forced to sell its Russian interests because of sanctions related to to the contravene inwards Ukraine.
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