The Macau Judicial Police have detained Chan Weng Lin, the CEO and controlling shareholder of Macau Legend Development Limited, on suspicion of fraud and money laundering.
The Macau Judicial Police have detained Chan Weng Lin, the CEO and controlling shareholder of Macau Legend Development Limited, on suspicion of fraud and money laundering.
In a statement, the organization announced that it was "informed of Chan's arrest and detention." Chan is also the Executive Director and Co-Chairman of the Board of Directors.
Macau Legend Development is the owner and operator of three casinos in Macau: Landmark Macau, Babylon Casino, and Legend Palace Casino. The announcement caused its stock to drop by as much as 30% in Hong Kong following the release.
Chan is also the Chairman of Tak Chun Group, which is a company that organizes junkets and other excursions. His arrest comes on the heels of that of Suncity Group Holdings Chairman Alvin Chau, who was arrested in November. Wenzhou, a city in eastern China, has issued an arrest order for Chau, accusing him of conducting gambling operations in the country's mainland, where gambling is prohibited.
According to the Macau Gaming Inspection and Coordination Bureau, which has recently strengthened its coordination with the police, the arrests come at a time of stricter rules on alleged money laundering and unlawful cross-border gambling.
“The Board is of the view that as the group is operated by a team of management personnel and the above incident relates to the personal affairs of Mr Chan and not related to the group, the Board does not expect the above incident to have a material adverse impact on the daily operations of the group. The Board will closely monitor and review the situation and make a further announcement(s) as and when appropriate,” a statement from Macau Legend Development read.
“Shareholders and potential investors of the company are advised to exercise caution when dealing in the shares of the company.”
By fLEXI tEAM
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