{"id":30711,"date":"2022-06-13T05:16:49","date_gmt":"2022-06-13T08:16:49","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=30711"},"modified":"2022-06-13T12:41:03","modified_gmt":"2022-06-13T15:41:03","slug":"sands-china-says-lawsuit-against-president-will-not-impact-the-group","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/sands-china-says-lawsuit-against-president-will-not-impact-the-group","title":{"rendered":"Sands China says lawsuit against president will not impact the group"},"content":{"rendered":"\n<p>Wong Ying Wai, Sands China&#8217;s president, is listed as one of 34 defendants in a lawsuit brought by Hsin Chong Group Holdings, which is currently in liquidation.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Macau.-\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/sands-china-plans-to-reach-net-zero-carbon-emissions-by-2050\" target=\"_blank\">Sands China<\/a>\u00a0has issued a statement saying that it will not be affected by a lawsuit that names its president,\u00a0<strong>Wong Ying Wai<\/strong> as one of 34 defendants. The lawsuit was brought by Hsin Chong Group Holdings Limited. <\/p>\n\n\n\n<p>The lawsuit alleges, among other things, breaches of directors\u2019 duties to the group, which was listed on the Hong Kong Stock Exchange until December 2019.\u00a0The group is now in liquidation.<\/p>\n\n\n\n<p>Sand China said that\u00a0Wong has confirmed he has had <strong>no executive responsibilities<\/strong> in Hsin Chong since November 1, 2015\u00a0and that he strongly believes the claims are without merit. Sands China also clarified that the claims do not involve the group and or Wong&#8217;s performance of his duties.<\/p>\n\n\n\n<p>According to the statement, the board of directors of the company believes <strong>the claims will not have any material adverse impact on the group\u2019s ordinary business<\/strong>, operations and financial position.<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/sands-china-posts-net-loss-of-us336m-for-q1\" target=\"_blank\">Sands China<\/a>\u00a0has posted a net loss of -US$336m for the first quarter of the year. It also reported an adjusted real estate EBITDA loss of -US$11m for Q1 compared with a positive US$100m in the first quarter of 2021.<\/p>\n\n\n\n<p>Total net income declined to US$547m. Net revenue from Singapore\u2019s&nbsp;<strong>Marina Bay Sands&nbsp;<\/strong>fell to US$399m, down from US$426m in the first quarter of 2021. Adjusted EBITDA for the property was US$121m, compared to US$144m in the same period in 2021.<\/p>\n\n\n\n<p>However, thanks to the sale of its Las Vegas operation, the company reported a US$2.53bn profit in the three months, which compares to a US$278m loss in Q1 2021. Its net loss from continuing operations was US$478m, compared to US$280m in Q1 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wong Ying Wai, Sands China&#8217;s president, is listed as one of 34 defendants in a lawsuit brought by Hsin Chong Group Holdings, which is currently in liquidation.<\/p>\n","protected":false},"author":176,"featured_media":26755,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"footnotes":""},"categories":[16338,439],"tags":[21680],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30711"}],"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=30711"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30711\/revisions"}],"predecessor-version":[{"id":30726,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30711\/revisions\/30726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26755"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=30711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=30711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=30711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}