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Junket mogul Levo Chan steps back from Macau Legend posts

Resignation follows arrest on suspicion of money laundering, illegal gambling and organised crime as authorities clamp down on junket operators.

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Resignation follows arrest on suspicion of money laundering, illegal gambling and organised crime as authorities clamp down on junket operators.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 4:43 am

Macao 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 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 31 January 2022”, the company said in a statement posted on the Hong Kong Stock Exchange 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 was issued by David Chow Kam Fai, chairman and non-executive director of Macau Legend Development Limited” on behalf of the company. 

Macau Legend Development describes itself as an investment holding company that is “one of the leading owners of entertainment and leisure facilities in Macao.” 

Its investments include the Fisherman’s Wharf entertainment complex in Macao’s harbour, while its businesses include the “provision of gaming services” at three casinos owned by gaming concessionaire SJM in Macao, The Macau Post Daily reported. 

 

UPDATED: 22 Dec 2023, 4:43 am

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