a profit of RMB180m (US$27.8m) to RMB240m<\/strong>\u00a0for H1. That compares to a loss of RMB118.6m per cent in the same period last year.<\/p>\n\n\n\nThe company said it will\u00a0benefit from changes in the fair value of derivatives was approximately RMB449.4m<\/strong>\u00a0and from the sale of its equity in Access Achievement for RMB 167.8m.\u00a0<\/p>\n\n\n\nIt said it continues to be affected by the Covid-19 pandemic\u00a0<\/strong>and the lack of tourists, which led to a fall in revenue from RMB67.7m to RMB26.9m for the first half of the year.<\/p>\n\n\n\nPAGCOR investigates Suncity over client deposits<\/h2>\n\n\n\n
Andrea Domingo<\/strong>, PAGCOR chairman and CEO, has announced she will set up an investigative committee to look into the casino junket investor Suncity Group Holdings<\/strong> due to allegations that it failed to return clients\u2019 deposits when they requested funds<\/strong>.<\/p>\n\n\n\nThere have been claims that Suncity may have invested some of the funds elsewhere without permission. Domingo told The Philippine Daily Inquirer the investigative committee will be headed by Arnold Salvosa<\/strong>, the legal department\u2019s assistant vice president.<\/p>\n\n\n\nSuncity Group answered the allegations through a full-page ad in local media arguing it was committed to returning cash deposits made to the firm<\/strong>. However, Alvin Chau Cheok Wa<\/strong>, CEO of Suncity, said it was difficult to release the entirety of the placements at once due to the company\u2019s financial situation.<\/p>\n","protected":false},"excerpt":{"rendered":"Alvin Chau, CEO of Suncity Group Holdings, has announced he has sold his stake in financial services firm Sun International for US$9m.<\/p>\n","protected":false},"author":176,"featured_media":17854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Alvin Chau, CEO of Suncity Group Holdings, has divested his stake in Sun International, triggering a mandatory takeover offer by Fresh Success Investments. Concurrently, Suncity Group Holdings reported a significant H1 profit turnaround, driven by derivative fair value changes and asset sales, despite a revenue decline attributed to the pandemic. However, the company faces a critical PAGCOR investigation regarding allegations of failing to return client deposits, with Chau acknowledging liquidity challenges.","focusai_entities":"Alvin Chau, Suncity Group Holdings, Sun International, Fresh Success Investments, First Cheer, Cheng Ting Kong, Access Achievement, PAGCOR, Andrea Domingo, Arnold Salvosa","focusai_location":"China, Philippines","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.92), operator_casino (0.9), payments_fraud_aml (0.88), investor_analyst (0.97), supplier_vendor (0.75), journalist_researcher (0.96)","focusai_suggestions":[{"label":"Sun International Takeover Impact?","query":"What are the specific implications of Fresh Success Investments' mandatory takeover offer for Sun International's future ownership structure and operational strategy, particularly concerning its financial services verticals?"},{"label":"Suncity Regulatory Fallout?","query":"How will the ongoing PAGCOR investigation into Suncity Group Holdings' client deposit practices impact its B2B licensing status, operational continuity, and broader market confidence in the junket sector?"}],"footnotes":""},"categories":[16338,163],"tags":[23702],"class_list":["post-22477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=22477"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22477\/revisions"}],"predecessor-version":[{"id":22487,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22477\/revisions\/22487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17854"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}