Alvin Chau to step down as Suncity CEO
Suncity has revealed that Alvin Chau has submitted his resignation amid concerns his arrest could affect company performance.
Macau.- Alvin Chau Cheok Wa intends to resign as CEO of Suncity Group Holdings following his arrest in Macau on Chinese accusations of cross-border gambling and money laundering. Suncity said the CEO’s arrest may affect the income of its tourism-related business but should not have a significant impact on the group and its ability to do normal business.
The company stressed that, as far as it knows, no other group units or employees are being investigated for illegal gambling and money laundering activities. The operator of Tigre de Cristal resort in Vladivostok said that none of its employees has been investigated or accused of anything and that the accusations against Tigre de Cristal’s involvement in cross-border gambling were false.
The company said in a statement: “In the event that the group loses the support of Mr Chau for whatever reason, the financial position, business and operation of the group will be adversely affected.”
In the six months to the end of June, 72.5 per cent of Suncity’s revenue came from the Tigre de Cristal resort in Vladivostok, 18.1 per cent came from tourism-related businesses, and 8.5 per cent came from the operation of Chinese shopping malls. It received 0.9 per cent from management consulting services.
