Summit Ascent deputy chair resigns

Summit Ascent said its executive director and deputy chairman John Wang has resigned to pursue other business interests with effect from April 12.

The company, which operates the Tigre de Cristal resort near Vladivostok, said Wang will also cease to act as an authorised representative. Suncity Group Chief Investment Officer Lo Kai Bong, who is a non-executive director of Summit Ascent, will take Wang’s place as an authorised representative.

SunCity Group Holdings, which is the Hong Kong-listed vehicle controlled by junket investor Alvin Chau, in February said it had bought a stake in Summit Ascent but gave few details.

The group, which has been expanding across Asia, said it was ready to be involved in the second phase of development at Tigre de Cristal, the only resort currently in operation in the Russian gambling zone.