Amax International Warns Against Imperial Palace sale

The head of Amax International Holding has warned that the attempted sale of the Imperial Palace Hotel on Taipa island would violate an injunction granted by the East Caribbean Supreme Court in March this year, according to local media.Amax Chairman and CEO Ng Man Sun took out a notice in the Macau Daily News saying he had applied to Macau’s Court of Second Instance to review and confirm the injunction preventing the sale of the property, formerly known as the New Century Hotel.Ng is in a long-standing dispute with his former girlfriend Chan Mei Fun over the sale of the property, which is host to the Greek Mythology Casino.Amax, a Hong Kong-listed junket room investor, reported an annual loss in July after failing to gain access to financial data from Greek Mythology, its primary investment.The company said it made a net loss of HK$39.3 million ($5.1 million) for the year to March 31 compared with net profit of HK$161.1 million a year earlier.However, the company said that the management of Greek Mythology denied access to their books and records and did not co-operate with Amax, as a result auditor CCIF CFA Ltd. was unable to express an opinion on the statement.