GGRAsia – Macau court gives Amax associate deadline on old accounts

Macau court gives Amax associate deadline on old accounts

Aug 05, 2014 Newsdesk Latest News, Macau, Top of the deck

A Macau court has given Greek Mythology (Macau) Entertainment Group Corp Ltd until September 30 to produce documents relating to its annual accounts for the year ending December 31, 2012.

Hong Kong-listed gaming investor Amax International Holdings Ltd has – according to its 2014 annual report filed on July 28 – a 24.8 percent equity investment in Greek Mythology. The latter has operated gaming tables in Casino Greek Mythology in Taipa.

Amax confirmed in a filing on Monday that it has ongoing litigation with Greek Mythology.

Amax has said in previous filings that Greek Mythology has not shared its financial results with the company at least since the year ended March 31, 2012.

Amax said in its latest report to the Hong Kong Stock Exchange that on July 30, the Court of First Instance in Macau had given Greek Mythology the September 30 deadline 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-linked companies were once among the biggest junket consolidators in the Macau market, but the Amax brand is now a shadow of its former self.

On July 31, Amax said it is extending for the third time the deadline to complete a deal to acquire a 60 percent stake in a licensee of interactive gaming in the Pacific island Republic of Vanuatu. The new deadline is the end of August, three months later than the timeframe the firm had initially anticipated.

The firm had said in its annual report that it had conditionally agreed to acquire a 60 percent equity interest in Forenzia Enterprises Ltd, for approximately HKD55 million (US$7.1 million).