Landing International’s controlling owner, Yang Zhihui, has been suspended from his situation as chairman and executive director. That’s after the Hong Kong-based cassino developer’s board received note from the region’s Securities and Futures Commission (SFC) that Yang is suspected of some shadowed corporate skullduggery.

The allegations relate to another company, Teamway International Group Holdings, a packaging concern for whom Yang also acted as chairman until recently.

In 2015, Yang and Ng Kwok Fai, who is also accused of wrongdoing, concocted a architectural plan to sell 75% of Teamway’s shares to an associate, Liu Liangjian, according to the SFC.

The regulator asserts this wasn’t a true(a) sale, but division of the organisation orchestrated past Ng and Yang to acquire Teamway for the welfare of a obscure buyer, named only when as the “True Owner.” Liu began selling his shares inwards tranches shortly after the deal.

The True Owner would inject his own byplay into the venture, while the archetype backpacking business concern would follow disposed of and returned to Chao Pang Ieng, the presale controlling shareholder of Teamway, according to the SFC.

Ng and Yang

In 2015, Ng and Yang persuaded Teamway to come in into another accord to buy a dimension evolution business, Treasure Found Investments, and its subsidiary, PV Advisory Services, a consultancy business for HK250 million. These were purportedly owned past the True Owner and the cost was overvalued, regulators claim.

The keep company financed the sell through a loan agreement, HK$50 1000000 of which was provided by a keep company owned by Ng.

“Those transactions were allegedly to alleviate the True Owner to shoot his own businesses into the Company and the coming back of the Packaging Business to Chao,” according to a Stock Exchange proclamation by Teamway. The packaging business concern was deliberately undervalued, according to the SFC.

Payment of involvement by the Company in cash in on the [loans] and from the electric pig of the then wholly-owned subsidiary of the Company at last furthered the buck private purposes and/or inured to the benefit of Ng and Yang,” the promulgation reads.

The SFC accuses Yang of breaching his fiduciary duties to Teamway. The regulator also claims he failed to disclose interior entropy inwards breach of his revealing duties, and undertook lead dishonestly for his private intent and personal benefits. He also failed to bit with due and sane care, acquirement and industriousness by flunk to properly supervise the affairs of Teamway and its subsidiaries.

Chairman Vanished

Yang made headlines in August 2018 when he was reported missing by the Landing table inwards a filing to the Hong Kong Stock Exchange. The plank admitted it had no more knowledge of its chairman’s whereabouts.

Yang resurfaced trio months later. Landing said Yang had been “assisting the relevant section of the People’s Republic of PRC with its investigation during the point of his absence,” but had at present “resumed his duties as Chairman of the Board,” in a November 2018 filing.

In 2020, Yang resigned from the board of Chinese diving equipment manufacturing business PRC Dive Company. That’s after allegations he had manipulated the securities market.