Alvin Chau no longer a controlling shareholder of Yeah Yeah Group

Alvin Chau Cheok Wa has disposed of an aggregate of 730,950,000 shares in Yeah Yeah Group Holdings Ltd.

Hong Kong.- Yeah Yeah Group Holdings Ltd, previously known as Sun Entertainment Group Ltd, has announced that Alvin Chau Cheok Wa is no longer a controlling shareholder of the company. He has disposed of an aggregate of 730,950,000 shares, reducing his position from 37.04 per cent to 2.17 per cent. The share price at close on Friday was HKD0.030 (US$0.00382).

Chau, the former CEO of Suncity Group (now LET Group Holdings Ltd), is on trial facing charges of operating illegal gambling, criminal association, fraud and money laundering in Macau alongside 20 others. Chau denies accusations that he ran under-the-table betting for high rollers.

Prosecutor Lai U Hou has referred to conversations and text messages obtained by the police that allegedly showed Chau’s role in multiplier betting. The practice allegedly used bets denominated at the casino gaming table to represent a private wager that would be a multiple of the “official” wager, avoiding the 39 per cent tax rate on gross gaming revenue.

Prosecutors alleged that Chau invited several people to set up an entity responsible for processing multiplier bets to increase working capital and spread risk. Faye Lao, a former accounting director at Suncity Group, has declared that Suncity was involved in off-books betting.

According to Macau Business, Lao told prosecutor Lai U Hou that the side betting businesses, Main Camp, belonged to Suncity. Lao said that profits were deposited into an “Operation Reserve Card” account, one of Suncity’s VIP cash accounts. She did not specify whether the account belonged to the junket operator, its clients or its shareholders.