Suncity says chairman not under investigation in Australia

Alvin Chau (file)
Alvin Chau (file)

Suncity Group Holdings has issued a statement denying media reports that its chairman and controlling shareholder, Alvin Chau, is under investigation by Australian authorities.

In a statement to the Hong Kong Stock Exchange, Suncity said Mr Chau has no intention to visit Australia in the next 12 months, and he is not aware of the reported investigation. 

“Mr. Chau further clarifies that he is not subject to any Australian investigation as at the date of this announcement,” it said. 

Suncity also clarified that the listed holding company of the group has no business operations in Australia. Chau is also CEO of Macau’s biggest junket, Suncity, which operates a VIP room in the Crown Casino in Melbourne.

An investigative news report by The Age, The Sydney Morning Herald and 60 minutes that aired late last month, has triggered a series of probes by Australian authorities into casino operations in the country and their links with junket operations. The report cited a former employee of Crown Resorts who alleged money is being laundered through the company’s casinos and it is also collaborating with immigration officials to facilitate visas for high rollers.

One of the reports also alleged Chau had been banned from entering Australia.

Crown Resorts has also vehemently denied the accusations in a letter from its board. 

SHARE
Previous articleHK protests begin to hit Macau revenue: Bernstein
Next articleMacau restricts use of AI tools: Bloomberg

Related Articles

Macau operator stocks gain: Suncity surges

Shares in Macau's casino operators all rose on Thursday following an upbeat earnings announcement from Las Vegas Sands, while stock in Suncity Holdings outpaced, surging almost 23 percent on the day.

Suncity gets two-year extension to bond maturity

Suncity Group said it has secured a two-year extension to the conversion date of outstanding convertible bonds, which are mostly held by a company controlled by Chairman Alvin Chau.

Suncity completes acquisition of nearly 70% of Summit Ascent

Suncity has now increased its stake in Summit Ascent from approximately 24.7 percent before the recent rights issue to approximately 69.7 percent, taking a controlling stake in the operator of Tigre de Cristal in the Russian Far East.

China’s move to criminalize gambling bad news for junkets

China’s move to criminalize efforts to lure Chinese nationals overseas to gamble spells more bad news for Macau's junket sector, which was already facing tough trading conditions. 

Macau government taxes from junkets fall in 2019

The Macau government has received MOP299 million (US$48.8 million) in taxes on commissions paid by casinos to junket operators in 2019, a 24 per cent year-on-year drop, according to the last year’s budget execution report.
Suncity wins three investor relations awards

Suncity wins three investor relations awards

Suncity Group Holdings has been given three investor relations awards from the Hong Kong Investor Relations Association.

Suncity opens office in Wakayama

The Suncity Group has again signaled its seriousness for bidding to become Wakayama’s IR development partner by opening an office in the city. Located at Nankai Electric Railway Company’s Wakayama Daigaku-mae Station in the northern part of the city, the 460 square meter office will be open to the public from Friday, and it includes […]
Suncity sponsors Wakayama professional basketball team

Suncity sponsors Wakayama professional basketball team

IR development in Japan may currently be stalled, but the Suncity Group is moving forward with its public relations campaign in Wakayama by sponsoring the local professional basketball team. Suncity has become an official sponsor of the Wakayama Trians, and is coordinating the release of a series of physical training videos together with the team. […]

Suncity revenue down 70 percent in H1

Suncity Group Holdings has reported 2020 H1 results showing RMB93.7 million (US$14 million) in total revenues, a figure which is down 70 percent year-on-year. The loss attributable to owners of the company was RMB118.6 million. As of June 30, the firm held cash in the amount of RMB1.66 billion. Turning to various development projects, he […]

Suncity expects H1 losses of US$15.1 million

Suncity Group has issued a profit warning noting that, based on its preliminary review, the group is expecting to report about RMB108 million (US$15.1 million) in losses for the January-June 2020 period. The statement noted that “due to the outbreak of Covid-19, there has been a significant impact on the group’s travel and tourism related […]