Bennie Kwok Kai Bun steps down as independent non-executive director of LET Group

Only Andrew Lo Kai Bong remains on the board.

Hong Kong.- LET Group Holdings has announced that Bennie Kwok Kai Bun has stepped down as an independent non-executive director to devote more time to his other pursuits and family commitments. It said there was no disagreement with the board.

The company now has no independent non-executive director and no member on the audit committee, remuneration committee and nomination committee. Andrew Lo Kai Bong, the company’s chairman and owner, is now the sole member of the risk management committee.

LET Group said it will make “every effort to identify suitable candidates to fill the vacancies” within three months in accordance with the requirements of Hong Kong Listing Rules.

Kwok Kai Bun’s exit follows the resignations of Tou Kin Chuen and John Lo Wai on November 5. It’s the second time in less than a year that LET Group’s board has been reduced to Lo alone. In January, five out of six directors resigned in opposition to the failed sale of the Tigre de Cristal casino in Russia. 

LET Group’s shares continue to be suspended by the Hong Kong Securities and Futures Commission (SFC), which expressed concerns regarding the validity of the sale. In October, the SFC started legal proceedings to obtain a share repurchase order to safeguard independent minority shareholders. The SFC is also seeking to disqualify Andrew Lo due to alleged misconduct towards the companies’ members.