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    1383   KYG8572D1135

SUNCITY GROUP HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  05/12 04:08:15 am EDT
0.0560 HKD   -5.08%
03/29Suncity Group Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2021
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03/23Suncity Group Holdings Limited Provides Consolidated Earnings Guidance for the Year Ended 31 December 2021
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Macao detains Suncity boss on China gambling charge

11/27/2021 | 05:58am EDT

BEIJING (AP) — Macao police on Saturday detained the head of Macao’s biggest casino junket organizer and others after Chinese authorities issued an arrest warrant for them over accusations that they ran an illegal cross-border gambling syndicate.

The arrests in the gambling enclave came after prosecutors in Wenzhou, in the eastern province of Zhejiang, on Friday accused Suncity Group CEO Alvin Chau and another person, Zhang Ningning, of leading cross-border gambling operations and setting up casinos across China.

Casinos and most forms of gambling are illegal in mainland China, and semi-autonomous Macao is the only Chinese city allowed to operate a casino. Mainland visitors are able to travel to Macao to gamble but are required to obtain a visa.

“Based on evidence obtained from previous criminal investigations, the (Macao) police brought the criminal suspect Chau and other persons involved back to the police station for investigation in accordance with the law this morning,” Macao's government said in a statement on Saturday.

Authorities said they had been investigating the case since July last year. They said that the gambling syndicate has 199 shareholder representatives, over 12,000 agents that promoted its gambling operations and more than 80,000 gamblers in its network.

The syndicate also set up asset management firms to assist gamblers with cross-border fund transfers and to recover debts they owed, authorities said,

In 2019, China’s official Xinhua news agency accused Suncity of targeting mainland gamblers with online gambling and proxy-betting operations based in Cambodia and the Philippines. Suncity denied the allegations.

Authorities said the syndicate “severely damaged the social order of the country” and on Friday urged Chau to turn himself in in exchange for a more lenient punishment.

Hong Kong-listed Suncity Group could not be reached for comment by phone and did not immediately reply to email inquiries.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

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Financials
Sales
Net income
Net Debt
P/E ratio
Yield
Capitalization 318 M 47,6 M 47,6 M
EV / Sales -1
EV / Sales 0
Nbr of Employees 1 103
Free-Float 25,0%
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Managers and Directors
King Yan Chiu Chief Financial Officer & Secretary
Kam Fun Wu Independent Non-Executive Director
Kin Chuen Tou Independent Non-Executive Director
Wai Tung Lo Independent Non-Executive Director
Kai Bong Lo Executive Director