Macau Legend announces governance review following arrest of former CEO
The company has announced a review into the impact of the arrest of its former CEO, Levo Chan Weng Lin.
Macau.- Macau Legend Development Co Ltd has initiated a review to assess the impact on the company from the arrest of former CEO Levo Chan Weng Lin. It’s appointed a special committee to maintain clarity in the review process, however the level of involvement of external audit firms is unclear.
Chan Weng Lin was arrested in January together with another man for allegedly engaging in illegal gambling activities, running a crime syndicate and money laundering. He resigned as CEO of Macau Legend soon afterwards with Melinda Chan Mei Yi returning to replace him.
Levo Chan Weng Lin had replaced Melinda Chan Mei Yi in December 2020, with Melinda Chan remaining as executive director.
The business review is expected to be completed by mid-month. Macau Legend described the move as prudent and appropriate to ensure “good corporate governance”.
Macau Legend suspends trading due to delays in annual results
As Focus Gaming News reported last week, trading in the shares of Macau Legend have been suspended with effect from 9.00am today pending publication of its 2021 annual results.
The company attributed the delay to travel restrictions and quarantine measures occasioned by the Covid-19 pandemic, which “brought difficulties to the financial reporting and consolidation process of the Company’s operations, and thus will require additional time to complete the process.”
