Alvin Chau, the head of Suncity and Summit Ascent, has declared his plan to leave his roles after his apprehension for supposed illicit gaming operations.
This decision was revealed in a statement issued by Suncity and its associated company Summit Ascent. The stock values of both firms resumed trading on the Hong Kong Stock Exchange after being halted for a day, subsequent to Chau’s capture on November 27.
However, trading in these stocks has been halted once more.
Chau will relinquish his positions as leader and executive director of Suncity and as leader and non-executive director of Summit Ascent.
Both Suncity and Summit Ascent stressed that neither company has been informed of any examination into the company, any subsidiary, director or worker.
Suncity highlighted that the majority of its business can proceed without Chau’s participation. In the six months ending June 30, 72.5% of the group’s income came from its Tiger Crystal integrated resort in Vladivostok, Russia.
Another 0.9% came from general management consulting services for hotels and integrated resorts; and 8.5% from shopping mall management and operations in mainland China.
The tourism industry, which constitutes a significant portion of the group’s revenue, is experiencing the most hardship. This is due to the hotels managed by Alvin Chau’s firm, Suncity, which alone accounts for a substantial part of the group’s finances. If Suncity cannot find alternative methods to acquire these hotels, the tourism industry will face difficulties.
Suncity and another entity, Summit Ascent Holdings, have stated that they have no involvement with the Crystal Palace and any unlawful gambling activities that may be occurring.
Earlier today, the Macau government provided additional details regarding the apprehension of 11 individuals suspected of engaging in illegal gambling, including Alvin Chau.
On Saturday, the Macau government announced that Alvin Chau was requested to assist the police in investigating a group suspected of conducting cross-border illegal gambling operations.
This group is suspected of creating an illicit gambling website in the Philippines and attracting individuals from mainland China through designated rooms in Macau. They are also suspected of utilizing local bank accounts to transfer funds out of the country.
The Public Prosecutor’s Office stated that the group is suspected of engaging in four unlawful activities, which could result in a prison sentence of 10 to 12 years. The 11 individuals are suspected of being part of a criminal organization, money laundering, and other offenses.
A quintet, consisting of Zhou, has been indicted for operating an illicit online gambling operation and directing a criminal enterprise. Authorities have initiated legal proceedings against them, citing the “grave nature of the offenses.”