Operator News
China – Shares fall in Macau Legend Development as former CEO arrested
By Phil - 31 January 2022
Shares in Macau Legend Development have fallen to their worst ever low following the arrest of its former Chief Executive Officer as part of a continuing investigation into junket operations in Macau.
The company’s share price dropped by 19 per cent after the operator said Chan Weng Lin had been arrested by police and had resigned as CEO. The Macau authorities said Sunday they had arrested two men on suspicion of illegal gambling activities and money laundering. Chan was Macau Legend’s biggest shareholder and is also chairman of Tak Chun Group, Macau’s second biggest junket operator.
David Chow Kam Fai, Chairman and Non-executive Director of Macau Legend Development Limited, said: “The board of directors of Macau Legend Development Limited announces that Mr Chan Weng Lin has tendered his resignation as an executive director, the co-chairman of the Board and the chief executive officer of the Company with effect from 31 January 2022 so as to avoid distraction to the company and for the interest of the shareholders of the company as a whole.
“Mr Chan has confirmed that he has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company; and (ii) he has no claim whatsoever against the Group, whether by way of compensation, remuneration, severance payments, expenses or otherwise. The Board would like to take this opportunity to express its gratitude and appreciation to Mr Chan for his contributions to the Company during his tenure of services,” he added.
The authorities have detained 15 people so far as its crackdown on illegal online gambling launched in November, including Alvin Chau, founder of Macau’s biggest junket operator Suncity Group.
