A Suncity Group Executive Director Is Taking Control of the Company

Suncity Group is trying to plectron upwards the pieces next its recent administrative and financial troubles. There’s a new man ready to maneuver the junket operator’s future, with a senior executive purchasing its controlling shares.

Andrew Lo Kai Bong is now inward a situation to influence where the company heads. The Suncity senior executive director acquired the shares finally week, according to a keep company filing with the Hong Kong Stock Exchange (HKSE).

Suncity didn’t reveal the pricing of the transaction. However, it indicated that Fame Select Ltd had completed the exercise. Fame Select was mired in the cut-rate sale of the controlling shares of former chairman Alvin Chau, as swell as his concern partner Cheng Ting Kong. Before that, Chau had curb of 74.85% of Suncity through and through Fame Select.

New Direction for Suncity

Currently, Lo is an executive theater director at Suncity, as well as the deputy chairman and executive director theater director at Summit Ascent. Suncity, in add-on to its junket operations, also manages and develops gambling casino resorts across Asia Pacific through attached companies. On the other hand, Summit Ascent owns the Tigre de Cristal structured resort in Primorye, Russia.

Lo’s purchase of Suncity’s controlling shares also gives him a controlling wager in Summit Ascent. Fame Select held 69.66% of Summit Ascent prior to Lo’s acquisition.

The HKSE disclosure reveals that Lo also purchased Suncity Group Holdings’ exchangeable bonds. An enigmatical company, Major Success Group Ltd., previously owned those bonds.

Lo also has a significant role inward the evolution of a Suncity externalize inward the Philippines. In May of shoemaker's last year, he became a plank fellow member of Suntrust Resort Holdings, previously known as Suntrust Home Developers. The entity is edifice a gambling casino inwards Manila’s Westside City Project, and Suncity owns 51% of the company.

Lo’s assignment came at the same clip as that of another Suncity executive. Summit Ascent Executive Director and CEO Saint David Chua Ming dynasty Huat united him at Suntrust as a fellow member of the board. The two replaced Joey Villafuerte and Josephine Marie Salazar, who resigned just beforehand of the appointments.

Lo Enters the Spotlight

Lo and Chau apparently have got a long-standing insinuate relationship. This might ultimately shew to be an issue, especially since Lo may get some skeletons of his have inwards the closet.

Five years ago, a work party ambushed Lo as he was leaving a sweat room inwards Hong Kong. One of the assailants attempted to snipe him with a knife, but he managed to escape.

However, law enforcement mat that the assail had golf links to a triad. Anti-triad law launched an investigation and, followers the attack, arrested II Hong Kong men and a female person girl. Police released them a few years later after they posted bail.

Detectives believed that the two non-Chinese men who attacked Lo were paid by a triad boss. Junkets get a notoriously famous reputation of alleged triad connections, allegations that landed Chau inward pain utmost year. Given the relationship betwixt the two, Lo will doubtlessly get a larger target for authorities now.