Levo Chan Weng Lin, CEO and a controlling shareholder in Macau Legend Development Limited, has been arrested for alleged involvement in illegal gambling activities.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Levo Chan Weng Lin\u00a0<\/strong>has been arrested together with another man for allegedly engaging in illegal gambling activities,\u00a0running a crime syndicate and money laundering<\/strong>. Lin is CEO and a controlling shareholder of Macau Legend Development Limited. He’s also\u00a0the chairman of Tak Chun Group<\/strong>, the second-largest junket operator in Macau.<\/p>\n\n\n\n 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. <\/p>\n\n\n\n Police have since detained two other people<\/strong>, 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\u00a0the pair were trying to retrieve documents and money\u00a0<\/strong>as instructed by a “criminal syndicate”.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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. <\/p>\n\n\n\n “The Board will closely monitor and review the situation and make a further announcement(s) as and when appropriate.”<\/p>\n\n\n\n Shares in the Hong Kong-listed company closed\u00a0down 19.3 per cent on Monday<\/strong> at HK$0.46 (US$0.05899), down HK$0.11.<\/p>\n\n\n\n The detention of Levo Chan Weng Lin follows the arrest of Alvin Chau Cheok Wa<\/a> on cross-border gambling and money laundering accusations and deepens the crisis of the junket sector in the city.<\/p>\n\n\n\n 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<\/a>. However, it has since said ear that it is still evaluating another 29 previously licensed junket operators<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Levo Chan Weng Lin, CEO and a controlling shareholder in Macau Legend Development Limited, has been arrested for alleged involvement in illegal gambling activities.<\/p>\n","protected":false},"author":176,"featured_media":26795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Levo Chan Weng Lin, CEO and controlling shareholder of Macau Legend Development Limited and Chairman of Tak Chun Group, has been arrested in Macau for alleged illegal gambling, crime syndicate involvement, and money laundering, leading to his immediate resignation from Macau Legend. This incident, following the arrest of Alvin Chau, further exacerbates the regulatory and operational challenges facing Macau's junket sector, as evidenced by a significant decline in licensed operators. Macau Legend Development's shares experienced a sharp decline, though the company asserts minimal operational impact.","focusai_entities":"Levo Chan Weng Lin, Macau Legend Development Limited, Tak Chun Group, Choi Wai Chan, Ying Hai Group Holdings, Chow, Chan, Alvin Chau Cheok Wa, Macau\u2019s Gaming Inspection and Coordination Bureau (DICJ)","focusai_location":"Macau, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Impact on Macau GGR","query":"What is the projected long-term impact of the ongoing junket sector crackdown, including high-profile arrests, on Macau's overall Gross Gaming Revenue (GGR) and the operational strategies of concessionaires?"},{"label":"Governance Framework Review","query":"How will the arrests of key executives for alleged illegal activities prompt a re-evaluation of corporate governance frameworks and internal control mechanisms within Macau-listed gaming entities to mitigate enterprise risk?"}],"footnotes":""},"categories":[16338,439,158],"tags":[23911,23906,22593],"class_list":["post-26770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legal-news","category-slider-home","tag-gambling-regulation","tag-macau-casinos","tag-macau-legend"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26770","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=26770"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26770\/revisions"}],"predecessor-version":[{"id":26790,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26770\/revisions\/26790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26795"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Macau Legend Development shares fall<\/h2>\n\n\n\n