GGRAsia – LET Group appoints 3 directors, 2 of them returnees

LET Group appoints 3 directors, 2 of them returnees

May 03, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck

Two people who had resigned in January as independent non-executive directors of Hong Kong-listed casino project investor LET Group Holdings Ltd as part of a board mass exodus, have now rejoined the LET Group board as non-executive directors. They had originally left due to “disapproval” of a move by a company linked to LET Group to dispose of its interest in a Russian casino licence,

No reason was given in a Thursday filing by LET Group, for their change of mind.

A third person was announced on Thursday as becoming an independent non-executive director of LET Group, though the firm’s stock remains suspended from the Hong Kong Stock Exchange.

The returning directors are Tou Kin Chuen, who had previously served on the board from April 2012 until resigning on January 15 this year; and John Lo Wai Tung, who had previously served from October 2012 until resigning on January 15 this year.

The newcomer as an independent non-executive director is Johnson Fu Chi King, who from August 2005 to May 2009, worked for Hang Seng Bank Ltd, and is a former executive director and chief executive of Hang Seng Bank (China) Ltd.

The three appointments are with effect from Thursday.

In late February, a business associated to LET Group, Hong Kong-listed Summit Ascent Holdings Ltd, had said a previously-announced sale of its interest in the Tigre de Cristal casino near Vladivostok had been terminated at the request of the would-be buyer.

LET Group and Summit Ascent became non-compliant with Hong Kong bourse rules in January, after both firms saw an exodus of directors following the attempted deal to dispose of the entity that holds the gaming licence for Tigre de Cristal.

In February, the respective stock of LET Group and Summit Ascent was suspended from trading. Separately, Hong Kong’s stock market regulator the Securities and Futures Commission (SFC) said it was investigating both firms for possible breach of its rules regarding the Tigre de Cristal proposed deal.

LET Group indirectly controls Suntrust Resort Holdings Inc, the Philippines-listed developer of an under-construction hotel casino at Westside City in the Philippine capital Manila.