Landing owner arrested in Cambodia

The future of the casino resort that the company wants to build in the Philippines is uncertain after the arrest.

Cambodia.- Landing International chair and owner Yang Zhihui was arrested by Cambodian authorities and deported to China late last week. The news come after the company told the Hong Kong Stock Exchange that it expected operations to continue normally despite being unable to contact him, before the reports about his arrest emerged.

“There are allegations of bribery against him, as well as supposedly running an investment scam,” said a source close to the industry, according to The Iniquirer, and showed pictures of the businessman handcuffed at the airport in the Indochinese country. Chinese outlets also attribute the arrest to his suspicious business ties with China’s Huarong Asset Management Co. Ltd, which has been subject to numerous scandals.

Moreover, a local gaming official also said that the company’s plan to build a €1.3 billion integrated resort at the Entertainment City complex in Parañaque is now under threats, as it would be scrapped by Philippines authorities after the recent arrest.

The company’s shares fell 35 per cent on Thursday morning on the Hong Kong stock market, before trading on it was suspended.