Andrew Lo Kai Bong, the head of LET Group, Summit Ascent, and Suntrust—companies listed in Hong Kong and the Philippines—is reportedly working to lift Ukrainian sanctions imposed on him.
According to news platform Ukrainian News, Vitaliy Kulyk, Director of the Center for Civil Society Research in Ukraine, shared this information on his Facebook page.
It was reported that Andrew Lo is seeking lobbyists in Kyiv, the capital of Ukraine, to help secure a partial reversal of the National Security and Defense Council of Ukraine’s decision against him.
He is concerned that additional sanctions from the European Union could be imposed due to his support for Russia and involvement in Russian business ventures.
Andrew Lo was added to the sanctions list on March 10th, 2023, following a decision by the President of Ukraine, Volodymyr Zelenskyy, to impose sanctions on individuals. This decision, enacted by the National Security and Defense Council, resulted in 120 foreign citizens being subjected to personal economic and other restrictive measures.
Previously, Summit Ascent, controlled by Andrew Lo, mentioned uncertainties arising from the ongoing Russia-Ukraine conflict and related sanctions imposed on the Russian Federation in filings to the Hong Kong Stock Exchange. At the same time, the company announced its plan to sell the Tigre de Cristal casino resort in the Russian Far East.
In January of this year, Summit Ascent confirmed that a majority-owned subsidiary was set to sell G1 Entertainment LLC, the gaming license holder of the Tigre de Cristal, for $116 million.
However, the deal fell through, with the majority of directors of LET Group and Summit Ascent resigning in opposition to the sale.
The company has called for an extraordinary general meeting scheduled for August 15th to vote on the disposal of its Russian assets, including the Tigre de Cristal casino in Russia.
