Macau junket mogul Levo Chan Weng Lin, who was remanded in custody for alleged money laundering, illegal gambling and organised crime by the Public Prosecutions Office (MP) on Sunday, "has tendered his resignation as an executive director, the co-chairman of the Board and the chief executive officer" of Macau Legend Development Limited "with effect from January 31, 2022", the company said in a statement posted on the hkexnews website yesterday.
According to the statement, Chan tendered his resignation "so as to avoid distraction to the Company and for the interest of the shareholders of the Company as a whole."
The statement underlined that "Chan has confirmed that (i) he has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company; and (ii) he has no claim whatsoever against the Group...".
The statement added that "the Board would like to take this opportunity to express its gratitude and appreciation to Mr Chan for his contributions to the Company during his tenure of services."
The statement was issued by David Chow Kam Fai, chairman and non-executive director of Macau Legend Development Limited" on behalf of the company. Chow is a former Macau lawmaker.
Macau Legend Development describes itself on its website as an investment holding company that is "one of the leading owners of entertainment and leisure facilities in Macau." According to the website, its investments include the Fisherman's Wharf entertainment complex in Macau's harbour, while its businesses include the "provision of gaming services" at three casinos owned by gaming concessionaire SJM in Macau.
Chan, 49, is the boss of Tak Chun Group, one of Macau's top two junket operators. Macau's Judiciary Police (PJ) said at a press conference on Sunday that Chan was arrested in the wake of investigations into business activities by Suncity, Macau's other top junket operator, whose boss, Alvin Chau Cheok Wa was remanded in custody last November for suspected money laundering, illegal gambling and organised crime.
Junket operators are officially known as gaming promoters in Macau. They are also understood to run a string of so-called VIP rooms for high-stakes gamblers at local casinos in cooperation with the owners of the casinos. A government-initiated gaming industry amendment bill currently under review by a standing committee of the local legislature proposes to tighten the government's monitoring of Macau's gaming businesses. The bill is widely expected to be passed by lawmakers before the second half of the year.
