Landing project not dead: Justice Secretary

The Philippines Justice Minister has ordered a review of the lease agreement for Landing’s $1.5 billion casino project but has stressed that it does not mean the project was dead, local media reports.

“The removal of all the members of the Nayong Pilipino board, by itself alone, does not affect the implementation of the project,” said Justice Secretary Menardo Guevarra in a statement on Thursday.

Last week, Philippine President Rodrigo Duterte sacked the entire NPF board over the deal, saying the land lease would be “grossly disadvantageous” to the state, and ordered a review of the lease deal.

The contract has been described as “flawed” as it allegedly did not undergo the required public bidding and still managed to secure a “ridiculous” lease of 70 years, as Duterte describes.

However, Landing denied the allegations, saying the lease between NPF and Landing Philippines was only 25 years. It also issued a statement saying that it considers itself a valid leaseholder and that the changes in the NPF board should not affect the project’s implementation. 

Previous articleCaesars ups share repurchase to $750m
Next articleAGTech swings to profit on non-cash and non-operating items

Related Articles

Two directors to resign from Landing

Landing International Development Limited announced to the Hong Kong Stock Exchange on Wednesday that two of its directors will be resigning. The two in question, Bao Jinqiao and Mr. Li Mingfa, have served as independent non-executive directors and members of the audit committee, the nomination committee, and the remuneration committee. The reason given for their […]

Landing seeks HK$137.1m for Jeju ops, says 2019 loss widens

Landing International Development posted a wider loss for 2019 and said it’s seeking to raise $137.1 million ($17.6 million) through a placing of shares to support general working capital for its operations on Jeju Island, South Korea.

Landing issues profit warning for full year 2019

Landing International Development has issued a profit warning to shareholders through the Hong Kong Stock Exchange warning that the firm’s full year 2019 results are going to be grim. “The board of directors of the company,” the note said, “wishes to inform shareholders of the company and potential investors that based on the information currently […]

Landing reshuffles board and moves its head office

In a series of filings to the Hong Kong Stock Exchange on Wednesday, Landing International announced changes in the composition of its board and the move of the company headquarters to a new address. Wang Yuying, who served as the chair of the board’s audit committee resigned as an independent non-executive director. Moreover, Bao Jinqiao […]

Landing chairman files writ against alleged receivers

Landing International Development said its Chairman Yang Zhihui has filed a writ against two individuals who claim they are acting as receivers for a 50.48 percent stake in parent company, Landing International Ltd.

Landing International shareholding under dispute

Landing International Development chairman Dr. Yang Zhihui said he will “take all necessary and appropriate actions to protect his interests” after it was revealed that more than half of the company’s shares have been claimed by two parties appointed as joint receivers of the shares.  The dispute comes after Landing’s board received disclosure of two […]