GGRAsia – Review saw no irregularity in Levo Chan link: Macau Legend

Review saw no irregularity in Levo Chan link: Macau Legend

May 23, 2022 Newsdesk Latest News, Macau, Top of the deck

Macau casino services firm Macau Legend Development Ltd says that a review conducted by an independent consultant “did not note any irregularity” in the dealings between the company and Levo Chan Weng Lin or his related entities. Mr Chan is Macau Legend’s largest single shareholder and was the firm’s executive director, co-chairman and chief executive.

Macau Legend said in a Friday filing that the independent consultant completed the review “covering the period from 1 September 2021 to 31 January 2022”. Mr Chan was at the time boss of Macau junket brand Tak Chun. He was detained in Macau in January, on suspicion of illegal running of gambling operations and money laundering.

Mr Chan resigned from his executive roles in Macau Legend soon after his detention.

In late March, the Hong Kong-listed firm said it had set up a special committee to examine its corporate governance, and had appointed on March 5, a “reputable international accounting firm” as an independent consultant, for the purpose of “identifying and assessing the impact” of its dealings with Mr Chan.

In Friday’s statement, the firm said: “Based on the findings of the independent consultant on the review, while there were recurring and non-recurring business dealings between the company and Mr Chan Weng Lin, a controlling shareholder of the company and his related companies, the independent consultant did not note any irregularity in these dealings between the company and Mr Chan or his related entities.”

Given that “no irregularity” was identified in the dealings between the Company and Mr Chan’s side, Macau Legend said its own special committee “is of the view, and the board concurs,” that Mr Chan’s arrest has “no significant impact and does not affect the business operations of the company.”

Trading of shares in Macau Legend has been suspended since April 1, after it breached bourse rules by not publishing its prior-year results before that date.

Macau Legend oversees a number of so-called satellite casinos in Macau – including the Legend Palace casino hotel at Macau Fisherman’s Wharf (pictured) – under the Macau gaming licence of SJM Holdings Ltd. Macau Legend also has several non-gaming hotels and leisure facilities at Fisherman’s Wharf.

In addition, the company owns a casino resort in Laos, and is developing a gaming project in Cape Verde.

In a March 1 filing, Macau Legend said it appointed Melinda Chan Mei Yi, wife of the firm’s founder and co-chairman David Chow Kam Fai, as its new chief executive.