PAGCOR orders Suncity Group to stop all activity in The Philippines

Suncity Group is no longer fit to hold a licence in the country.
Suncity Group is no longer fit to hold a licence in the country.

The Philippine Amusement and Gaming Corp (PAGCOR) has declared Suncity Group unsuitable to hold any licence to operate a junket business in the Philippines.

The Philippines.- After a lengthy investigation into the misappropriation of customer funds, PAGCOR has determined that Suncity Group is no longer suitable to hold a licence in the Philippines. However, Suncity may regain eligibility after fulfilling certain conditions.

These terms include that all player deposits received in the Philippines be deposited into bank accounts for this purpose only and not be mixed with any capital or working capital. In addition, no amount may be used from any such deposit account unless withdrawn or used by the depositing player.

Suncity will also be required to submit a quarterly report to the regulator’s monitoring team detailing the current amount of front money deposits and the balance of the bank account in which funds are deposited.

The regulator found Suncity to have committed several breaches of the country’s consumer protection standards, prompting a closer look at how the junket operator ran its business.

Suncity was accused of misappropriating funds from customers. after two groups filed complaints with PAGCOR in early 2021. Some 29 people claim funds totalling PHP1.95bn (US$ 37.3m) and HKD 160.8m (US$ 20.6m) were misappropriated.

Last week, it was revealed that Suncity continued to operate with cash at Star Sydney in Australia despite a ban due to money laundering concerns.

See also: Suncity Group expects to record US$67.3m loss for 2021

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PAGCOR Suncity Group