Alvin Chau denies involvement in multiplier betting
Alvin Chau Cheok Wa denied having operated under-the-table betting for high rollers in Macau.
Macau.- Alvin Chau Cheok Wa’s trial has begun following its postponement. On the first day, the former CEO of Suncity Group (now LET Group Holdings Ltd) denied accusations that he ran under-the-table betting for high rollers for years.
During his testimony, prosecutor Lai U Hou referred to conversations and text messages obtained by the police that allegedly showed Chau’s role in a practice known as multiplier betting. With multipliers, the bet denominated at the casino gaming table would represent a private wager that would be a multiple of the “official” wager, thereby avoiding the 39 per cent tax rate on gross gaming revenue.
Macau prosecutors alleged that Chau invited several people to set up an entity responsible for processing multiplier bets to increase working capital and spread risk.
Chau said: “What I was handling was regulating the grant of credit to players, and monitoring the risks. I took no part in the interests related to multiplier activities.”
Cheang Tak Fat, a Macau lawyer representing Macau casino operator Wynn Macau as a plaintiff in the case, asked Alvin Chau from what date entities now accused of handling multiplier bets had been operating. Chau said they had been there all the time but said that he had nothing to do with them.
When asked if he knew if any of the defendants were involved in organising and placing multiplier bets in Macau, he said probably Cheong Chi Kin, a defendant in the case. Chau also denied using assets or projects acquired in mainland China to collateralise players’ gaming debts incurred from multiplier bets.
Levo Chan trial to start on December 5
Meanwhile, Levo Chan‘s trial has been set to start on December 5. The former head of Tak Chun has been formally charged by Macau’s Public Prosecution Office for engaging in illegal gambling activities, running a crime syndicate and money laundering. He was arrested in January
Chan has been charged with other eight people but is the only one of the nine to have been detained in custody. Chan could face a maximum possible sentence of 20 years in prison.
Most casino operators in Macau ceased all transactions with junket operators after the two high-profile arrests. The arrests also led authorities to contemplate changes to the legal framework concerning junket operations.
