{"id":34225,"date":"2022-10-07T10:14:59","date_gmt":"2022-10-07T13:14:59","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=34225"},"modified":"2026-04-23T04:08:36","modified_gmt":"2026-04-23T07:08:36","slug":"alvin-chau-no-longer-a-controlling-shareholder-of-yeah-yeah-group","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/alvin-chau-no-longer-a-controlling-shareholder-of-yeah-yeah-group","title":{"rendered":"Alvin Chau no longer a controlling shareholder of Yeah Yeah Group"},"content":{"rendered":"\n

Alvin Chau Cheok Wa has disposed of an aggregate of 730,950,000 shares in Yeah Yeah Group Holdings Ltd.<\/p>\n\n\n\n\n\n\n\n

Hong Kong.- Yeah Yeah Group Holdings Ltd, previously known as Sun Entertainment Group Ltd, has announced that Alvin Chau Cheok Wa is no longer a controlling shareholder of the company. He has disposed of an aggregate of 730,950,000 shares<\/strong>, reducing his position from 37.04 per cent to 2.17 per cent<\/strong>. The share price at close on Friday was HKD0.030 (US$0.00382).<\/p>\n\n\n\n

Chau, the former CEO of Suncity Group (now LET Group Holdings Ltd<\/a>), is on trial facing charges of operating illegal gambling, criminal association, fraud and money laundering in Macau alongside 20 others. Chau denies accusations that he ran under-the-table betting for high rollers.<\/p>\n\n\n\n

Prosecutor Lai U Hou <\/strong>has referred to conversations and text messages obtained by the police that allegedly showed Chau\u2019s role in multiplier betting. The practice allegedly used bets denominated at the casino gaming table to represent a private wager that would be a multiple of the \u201cofficial\u201d wager, avoiding the 39 per cent tax rate on gross gaming revenue. <\/p>\n\n\n\n

Prosecutors alleged that Chau invited several people to set up an entity<\/strong> responsible for processing multiplier bets to increase working capital and spread risk. Faye Lao<\/strong>, a former accounting director at Suncity Group, has declared that Suncity was involved in off-books betting<\/a>.<\/p>\n\n\n\n

According to Macau Business, Lao told prosecutor Lai U Hou<\/strong> that the side betting businesses, Main Camp, belonged to Suncity. Lao said that profits were deposited into an \u201cOperation Reserve Card\u201d account<\/strong>, one of Suncity\u2019s VIP cash accounts. She did not specify whether the account belonged to the junket operator, its clients or its shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alvin Chau Cheok Wa has disposed of an aggregate of 730,950,000 shares in Yeah Yeah Group Holdings Ltd.<\/p>\n","protected":false},"author":176,"featured_media":29796,"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 Cheok Wa has divested a significant controlling stake in Yeah Yeah Group Holdings Ltd, reducing his ownership to 2.17%. This divestment occurs amidst his ongoing trial in Macau, where he faces charges including illegal gambling, fraud, and money laundering, specifically related to alleged \"multiplier betting\" to circumvent Macau's 39% GGR tax.","focusai_entities":"Alvin Chau Cheok Wa, Yeah Yeah Group Holdings Ltd, Sun Entertainment Group Ltd, Suncity Group, LET Group Holdings Ltd, Faye Lao, Lai U Hou, Main Camp","focusai_location":"Hong Kong, Macau","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), payments_fraud_aml (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Impact on Governance","query":"What are the long-term implications for corporate governance and shareholder structure within Yeah Yeah Group Holdings Ltd following Alvin Chau's divestment and ongoing legal challenges?"},{"label":"Regulatory Enforcement Scope","query":"How might the Macau prosecution's focus on \"multiplier betting\" and GGR tax evasion influence future regulatory enforcement strategies and compliance requirements for licensed operators and junket partners?"}],"footnotes":""},"categories":[16338,439,158],"tags":[23911,23702],"class_list":["post-34225","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-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/34225","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=34225"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/34225\/revisions"}],"predecessor-version":[{"id":34237,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/34225\/revisions\/34237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/29796"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=34225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=34225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=34225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}