Yang Zhihui (pictured in a file photo), chairman of Hong Kong-listed Shin Hwa World Ltd, promoter of a Jeju, South Korea casino resort, has retired from the board. That is according to a Tuesday filing from Shin Hwa World, known until December last year as Landing International Development Ltd.
At the time of Mr Yang’s return, the group said he had explained to the board that he had been “assisting a relevant department of the People’s Republic of China with an investigation during the period of his absence”.
Shin Hwa World controls Jeju Shinhwa World, a resort with foreigner-only casino on the South Korean holiday island Jeju.
Tuesday’s filing mentioning his retirement – following the firm’s annual general meeting that day – said the company was “not aware of any matter” relating to the retirement of Mr Yang “that needs to be brought to the attention of the shareholders and the stock exchange,” nor did he have “any disagreement with the board”.
Board member Chan Mee Sze will be acting chairperson, pending appointment of a new chairman.
Shin Hwa World Ltd reported in March a loss attributable to shareholders of HKD216.9 million (US$27.7 million currently) for full-year 2022. That compared with a HKD1.06-billion annual loss for 2021 – a period when tourism to Jeju was still affected by the Covid-19 pandemic.
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