Suncity Group confirms Chau’s resignation

2021-12-02 03:41     Comment:0

Suncity Group Holdings Limited said in a statement late last night that Alvin Chau Cheok Wa is no longer its chairman and executive director. 

The statement described Chau as “the controlling shareholder of the Company, and the former chairman of the Board and a former executive Director”. 

According to the statement, the board of directors of Suncity Group Holdings Limited received a letter from Chau in which he “tendered his resignation from the posts of the chairman of the Board and an executive Director, with effect from 1 December 2021, for the reason that his resignation would (in view of the pending legal proceedings against him) be in the best interest of the Company, and also allow him to devote more time for this personal matters.”

The statement also said that “the Board would clarify that the Group has not been carrying on any VIP business in Macau, and such business has been carried on by SCGPCL [Sun City Gaming Promotion Company Limited], which is a company wholly-owned by Mr. Chau Cheok Wa… As such VIP business is not carried on by the Group, the Company is not in a position to comment on the affairs relating to the above VIP business.”

The statement also said that “the Company was informed on 1 December 2021 that SCGPCL would not be able to supply hotel accommodation products to the Group in the near future. In view of this and also taking into account the rapid outbreak of COVID-19 variant (Omicron), the Group has suspended the operations of its travel and related business segment for the time being.” 

According to the statement, “further announcement will be made by the Company in relation to the appointment of the chairman of the Board, as and when appropriate.”

Suspension and resumption of trading

Meanwhile, the statement also said that at the request of the company, trading of shares in the company on the Hong Kong Stock Exchange was halted with effect from 9 a.m. yesterday, “pending the release of this announcement.” The statement said that the company has requested the Stock Exchange that trading in its share be resumed from 9 a.m. today. 

Trading had also been suspended between Monday 9 a.m. and Tuesday 9 a.m. 

Chau and four other suspects were remanded in custody on Monday for alleged money laundering, organised crime activities and illegal gaming operations. Six other suspects have been released on bail. 

Saturday’s arrests in Macau came after the Public Security Bureau (PSB) in Wengzhou city, Zhejiang province, had issued a warrant for Chau’s arrest on Friday for a range of alleged gaming-related crimes. 

However, Macau’s Judiciary Police (PJ) said on Sunday that the local arrests of Chau and the other 10 suspects came in the wake of investigations separate from those by their counterparts in Wengzhou. 

Chau and the other suspects face up to 12 years behind bars, Macau’s Public Prosecutions Office (MP) said in a statement on Sunday. 

Casino operators stop cooperation with Suncity 

Meanwhile, the Gaming Inspection and Coordination Bureau (DICJ) said in a statement last night that it has been informed by local gaming operators about “the suspension of their cooperation with gaming promoter Suncity, temporarily suspending the operations of VIP rooms of the respective promoter in casinos in Macau from December 1, 2021.”

The statement released through the Macau Government Information Bureau (GCS) also said that the DICJ would not comment on “recent suspected gaming-related crimes that are being investigated by the Judiciary, based on the principle of judicial secrecy.” 

Local media reported yesterday that Suncity’s VIP rooms’ operations were suspended at 0:00 yesterday. 

Business newswire Bloomberg reported that at least one-third of Suncity’s Macau staff faced salary suspensions, while staff were blocked from the company’s IT systems such as email and chatrooms.  

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