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China – Amax sues over Greek Mythology’s lack of accounting

By - 23 June 2014

Macau junket operator Amax International Holdings is taking court action against Greek Mythology (Macau) Entertainment Group, saying it has failed to produce its annual accounts to shareholders.

Amax International announced to the Hong Kong Stock Exchange that it wants to see Greek Mythology’s management accounts for 2013 within 60 days. Amax owns 24.8 per cent of Greek Mythology.

Amax stated: “Reference is made to the announcements of Amax International Holdings Limited dated 5 June 2014 in relation to unavailability of audited financial statements of the Associate and 30 May 2014 in relation to update on the litigation in respect of the Associate. Unless otherwise defined, capitalised terms used herein shall have the respective meanings ascribed to them in the above mentioned announcements. Further to the ruling made by the Court of First Instance of Macau, SAR on 19 May 2014 as mentioned in the Announcement, the Board decided to take further legal actions and hereby announces that on 18 June 2014, the company has filed a court action in Macau against the Associate in relation to its failure to provide its annual accounts to its shareholders.”

Amax owns approximately 24.8 per cent equity interest of the Associate which operates and manages Greek Mythology Casino in Macau.

“The company brought the Action in the capacity as a shareholder of the Associate. The Action which has been filed with the Court of First Instance of Macau, SAR, includes a full statement of claim dated 18 June 2014 whereby the company seek the following relief and claim that the Associate do, within 60 days, provide its management accounts to the company for the year ended 31 December 2013,” it added.

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