LET Group has lost another director, leaving Andrew Lo, the company’s Chairman and owner, as the only remaining member of its board—marking the second time in less than a year that Lo has been the sole director.
The resignation was announced after trading hours on Monday via a filing to the Hong Kong Stock Exchange (HKEX).
Bennie Kwok Kai Bun, who had recently stepped down, officially tendered his resignation on November 11, citing personal reasons. According to the filing, Kwok stepped down to ‘devote more time to his other pursuits and family commitments’.
Following his resignation, LET Group disclosed that it now has no independent non-executive directors and is without members on its key board committees, including the audit, remuneration, and nomination committees. As a result, Lo Kai Bong, the company’s chairman, has become the sole member of the risk management committee.
Kwok’s departure follows the resignations of two other non-executive directors, Tou Kin Chuen and John Lo Wai, on November 5, 2024.
This marks the second time in less than a year that LET Group’s board has been reduced to just Lo. In January 2024, five out of six directors resigned in protest over the proposed sale of the Tigre de Cristal casino in Russia.
While three directors returned in May, LET Group’s shares remain suspended by the Hong Kong Securities and Futures Commission (SFC), which raised concerns about the legitimacy of the sale of the company’s stake in Tigre de Cristal, particularly the lack of proper shareholder approval.
LET Group is currently seeking candidates to fill these critical board positions to restore compliance and resume trading. However, with board committees underrepresented, there is increasing pressure for swift appointments.
