Casino industry investor Amax International Holdings Ltd says it is seeking “further legal advice” after claiming in a filing to the Hong Kong Stock Exchange that it has still not received the annual accounts for calendar year 2012 for its part-owned associate Greek Mythology (Macau) Entertainment Group Corp Ltd.
The latter – 24.8 percent owned by Amax International – has operated gaming tables in Casino Greek Mythology in Taipa under the SJM Holdings Ltd gaming licence.
But there has been a publicly documented rift between Amax International’s chairman Ng Man Sun, and his former girlfriend Chen Mei Huan – also known as Chan Mei Fun – a shareholder in the hotel where Greek Mythology Entertainment has had its gaming business. It has resulted in litigation between the parties relating to the accounts of Greek Mythology Entertainment.
Amax International said in an earlier regulatory filing that the Court of First Instance in Macau had given Greek Mythology until September 30 to “…gather all documentation concerning its annual accounts for the year ended 31 December 2012; and to convene a general meeting to approve the annual accounts.”
Amax International stated in its latest filing that on October 9 it had received some documents “purported to be the management accounts of the associate [Greek Mythology Entertainment] for the year ended 31 March 2013,” but that there was no evidence that a general meeting had been called.
“As the company considered that the associate has failed to comply with the court order to provide all documentation concerning the annual accounts…the company is seeking further advices [sic] from the Macau lawyer for taking further actions..,” said Amax International.
In September Mr Ng warned Ms Chen – via a notice published in the Chinese-language newspaper Macao Daily News – that she should not sell her interest in the hotel property Imperial Palace Hotel in Taipa where the Greek Mythology gaming operation was based; known previously as New Century Hotel. He said any such move would violate an injunction of a British Virgin Islands court issued in March.
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"If the [Macau casino] concessions are put up for bid, there will also be a lot of giant Chinese companies, some having nothing to do with gaming, which would like to take over these enormously successful casinos”
Professor emeritus at Whittier Law School in California, in the United States, and a visiting professor at University of Macau