Macau Legend Development CEO resigns after arrest
Levo Chan Weng Lin, CEO and a controlling shareholder in Macau Legend Development Limited, has been arrested for alleged involvement in illegal gambling activities.
Macau.- Levo Chan Weng Lin has been arrested together with another man for allegedly engaging in illegal gambling activities, running a crime syndicate and money laundering. Lin is CEO and a controlling shareholder of Macau Legend Development Limited. He’s also the chairman of Tak Chun Group, the second-largest junket operator in Macau.
Macau Legend Development has announced that Lin has resigned as executive director, co-chairman and chief executive effective as of today (January 31) to “avoid distracting the company” and to comply with the “general interest of the company’s shareholders.” Lin was arrested together with Choi Wai Chan, chairman of Hong Kong-listed travel agency Ying Hai Group Holdings.
Police have since detained two other people, a man with the surname Chow and a woman with the surname Chan. According to local media reports, the man is an executive in charge of finance, while the woman is reported to be the deputy financial director of the company. Police said the pair were trying to retrieve documents and money as instructed by a “criminal syndicate”.
Police said the two refused to speak to officers and were taken to the public prosecutor’s office for questioning. They are suspected of providing help or support to those suspected of committing crime, of being members of a criminal syndicate and of participating in illegal gambling activities.
Macau Legend Development said in a statement: “The Board is of the view that as the group is operated by a team of management personnel and the above incident relates to the personal affairs of Mr Chan and not related to the group, the Board does not expect the above incident to have a material adverse impact on the daily operations of the group.
“The Board will closely monitor and review the situation and make a further announcement(s) as and when appropriate.”
Macau Legend Development shares fall
Shares in the Hong Kong-listed company closed down 19.3 per cent on Monday at HK$0.46 (US$0.05899), down HK$0.11.
The detention of Levo Chan Weng Lin follows the arrest of Alvin Chau Cheok Wa on cross-border gambling and money laundering accusations and deepens the crisis of the junket sector in the city.
Macau’s Gaming Inspection and Coordination Bureau (DICJ) reported earlier in the month that the number of junket licences had fallen from 85 in 2021 to 46. However, it has since said ear that it is still evaluating another 29 previously licensed junket operators.
