Alvin Chau has declared his intention to relinquish his role at Suncity following his apprehension on accusations of illicit gambling.
The resignation was revealed in a statement issued by Suncity and its subsidiary Summit Ascent, after the stock prices of both companies resumed trading on the Hong Kong Stock Exchange following a one-day suspension after Chau’s arrest on November 27.
However, trading in these shares has now been suspended once more.
Chau will depart from his positions as chairman and executive director of Suncity and chairman and non-executive director of Summit Ascent.
Both Suncity and Summit Ascent have emphasized that neither company has been notified of any probe into the businesses or any of their subsidiaries, executives, or staff.
Suncity has pointed out that the majority of its operations can continue without Chau’s participation. In the six months ending June 30, 72.5% of the group’s earnings originated from its Tiger Palace integrated resort in Vladivostok, Russia.
An additional 0.9% of revenue came from general management consulting services for hotels and integrated resorts; and 8.5% from the management and operation of shopping centers in mainland China.
The travel industry was most severely impacted, contributing 18.1% of the company’s total income.
Alvin Chau’s Suncity Group Promotion Company Limited (SCGPC) provided lodging services that supported this division, contributing 17.4% of the company’s revenue independently. If SCGPC ceases providing these services, and Suncity cannot locate a substitute source, the travel industry division will confront an unfavorable situation.
Suncity and Summit Ascent Holdings refuted any accusations of Crystal Tiger Palace’s involvement in suspected cross-border gambling operations.
Earlier today, the Macau government provided more information regarding the apprehension of 11 individuals suspected of illegal gambling, including Alvin Chau.
On Saturday (November 27), the Macau government released a statement confirming that an individual named Alvin Chau was requested to assist the police in investigating a cross-border online gambling group case.
The group is suspected of establishing an illicit live betting platform in the Philippines, attracting patrons from mainland China through VIP rooms in Macau. The group is alleged to have subsequently utilized local bank accounts to transfer operating earnings.
The Public Prosecutor’s Office declared that the group is suspected of committing four offenses, with sentences ranging from 10 to 12 years. The 11 individuals are suspected of participating in a criminal organization; money laundering;
A quintet, encompassing Zhou, are confronting accusations of directing an illicit online gambling venture and helming a criminal syndicate. The prosecution’s office has authorized the application of force against them, citing the “grave nature” of the offenses.