GGRAsia – Landing Int boss files writ against receivership bid

Landing Int boss files writ against receivership bid

Dec 09, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

Chinese casino entrepreneur Yang Zhihui has issued what is known as a “writ of summons” – indicating intention to bring a civil lawsuit – against people who say they are acting as receivers in relation to just over half the shares in an entity that controls Hong Kong-listed Landing International Development Ltd.

The news emerged on Friday in a filing after Hong Kong trading hours.

Landing International Development created a resort with foreigner-only casino, called Jeju Shinhwa World, on South Korea’s Jeju Island. The gaming portion of the facility – Landing Casino – opened in February 2018.

On November 5, the listed entity said in a filing it had become aware two people were asserting receivership rights over a majority of the stock in Landing International Ltd, a British Virgin Islands vehicle.

According to Landing International Development’s 2018 annual report, filed with the Hong Kong bourse on April 29, Landing International Ltd is the “ultimate holding company” of Landing International Development, and Mr Yang is the offshore entity’s sole shareholder.

The listed entity said on Friday that Mr Yang – who is the firm’s chairman – “has informed the company that a writ of summons has been filed by him as plaintiff to claim against, among others, each of the receivers, for, among others, a declaration that the deeds of appointment of receiver are invalid.”

The filing added, referring to part of local bourse rules: “Further announcement(s) will be made by the company on a monthly basis… to keep the shareholders of the company and potential investors updated on this matter.”

On August 30 this year, Landing International Development reported a net loss of nearly HKD835.6 million (US$106.7 million) for the first six months of 2019, as gaming revenue for the period declined sharply.

In mid-September Landing International Development said it had been given approximately six months to find an alternative site for a casino resort it planned for the Philippine capital Manila, or would risk having its provisional gaming licence for that country revoked or suspended.

Last week the chief operating officer of the Philippine casino regulator confirmed to GGRAsia in an interview – during the Global Gaming Asia (G2E) @ the Philippines trade show in Manila – that the body was currently assisting the Landing International group to find a new location in Manila.