Former junket investor Rich Goldman Holdings said a Macau court has ordered a mortgaged property valued at MOP30.1 million ($3.7 million) to be transferred to its lending subsidiary following a borrower’s default.
The Hong Kong-listed company said in a September 23rd filing that its wholly owned subsidiary, Funki Finance, intends to sell the property to recover cash.
The judgment, delivered to the lender on September 22nd, follows legal action to enforce its rights over the collateral. The original HK$35 million ($4.5 million) loan agreement was signed in September 2020, while the company disclosed the repayment default in June 2023.
Rich Goldman now operates money lending, hotel and property leasing businesses. Its connection to gaming comes from its former business introducing customers to casino VIP rooms and receiving income from junket operations.
The group ceased its gaming and entertainment business during the financial year ended June 30th, 2024, following a strategic change.
Funki Finance, formerly known as Top Vast, obtained its Hong Kong money lender license in December 2015 and began lending thereafter.
The borrower was described as an individual merchant independent of the group. Rich Goldman said it would issue further announcements on the planned property disposal when appropriate.
