GGRAsia – Pagcor committee probing Suncity Philippine deposit row

Pagcor committee probing Suncity Philippine deposit row

Aug 17, 2021 Newsdesk Latest News, Philippines, Top of the deck

The Philippine casino regulator has confirmed in an emailed reply to GGRAsia, that it has “created a committee to look into the subject fund deposits”, amid claims that privately-held junket firm Suncity Group has not yet returned on request from customers, some player deposits lodged in the Philippines.

The Philippine Amusement and Gaming Corp (Pagcor) is reportedly also reviewing allegations that some of the funds being claimed might have been invested elsewhere without permission.

Separately, Andrea Domingo, head of Pagcor, said in comments via a mobile phone message to the Philippine Daily Inquirer news outlet: “The Pagcor group has approved the creation of an investigative committee headed by the legal department’s assistant vice president [Arnold] Salvosa.”

Regarding claims that some deposit funds might have been invested elsewhere, the outlet quoted Ms Domingo as saying no evidence to that effect “has yet been found”.

In her comments, Ms Domingo confirmed Pagcor had received a “formal letter of complaint” on the Suncity Group matter.

Last week Suncity Group said in an announcement published with the Manila Bulletin news outlet that it was committed to returning cash deposits made to the firm.

“Suncity continues to reiterate its commitment to honour its obligations,” said Suncity Group in that statement.

The announcement followed a report last week by the Daily Inquirer, citing a letter from lawyers representing Suncity Group Manila Inc and its director Alvin Chau Cheok Wa, saying “there really is difficulty in releasing the entirety of the placements at once” due to the Suncity Group’s current financial situation.

Mr Chau also leads Hong Kong-listed Suncity Group Holdings Ltd. The latter firm is not formally linked to privately-held Macau casino junket brand Suncity Group.

Suncity Group Holdings has investment in Hoiana, a casino resort in Vietnam, and a Philippine unit is involved in developing a casino hotel in the Westside City scheme in Manila, in the Philippines.

(Updated August 17, 10.15pm)