Suncity Boss To Resign From Company Following Arrest

Alvin Chau

Following the news over the weekend that junket boss Alvin Chau had been arrested on suspicion of money laundering and illegal gambling his company Suncity Group Holdings said their boss was to resign.

Chau who founded the company holds the titles of chairman and executive director but in a statement to the Hong Kong Stock Exchange Suncity said Chau was to resign from all roles with the company. At the same time the largest junket operator in Macau said that it was not aware any other employees are being investigated by authorities in relation to the charges against Chau.

In making the statement Suncity said the arrest of the richest man in Macau would certainly impact on revenues and profits in the short to mid-term, the companies largest interest comes from the Tigre de Cristal resort in Vladivostok which sees some 72.5% of its revenues derive.

Reports in Macau say that Chau has been transferred to a Macau prison and to be held pending a trial.