The Hong Kong bourse has indicated that two companies once headed by disgraced “junket king” Alvin Chau may be delisted.
Bloomberg reports that regulators raised the possibility over concerns that the companies – LET Group Holdings and Summit Ascent Holdings – sold assets worth US$116 million in Russia without shareholder approval.
Regulators said they had tried to contact both companies over the matter but had not received replies.
[See more: The government intends to toughen up gambling laws]
According to Bloomberg, officials believe the sale has left the companies without enough assets to remain on the Hong Kong exchange. They also said they had “serious concerns” about the way the companies’ affairs were handled.
LET was formerly known as Suncity Group, but changed its name in 2022 – eight months after Chau’s arrest on charges of illicit gambling activities, fraud and involvement in a criminal organisation.
Chau was sentenced to 18 years in prison in January last year, after a landmark trial that signalled the Macao government’s determination to crackdown on junket operators.
