Andrew Lo Steps in as Executive Director for Suncity Group

Suncity Group Holdings finally has a new executive director with Andrew Lo Kai Bong assuming the position. This comes shortly after Lo increased his stake in the company to 74.98%, in what is rumored to be a buyout of the previous director’s shares. Alvin Chau, the former chairman of the company, was arrested back in November, on suspicions of money laundering, illegal gambling, and a litany of other charges.

Lo Steps at Helm of Company in Difficult Time

In a recent article, Asia Nikkei suggested that Chau’s alleged criminal operations may have cost Macau close to $1 billion in tax from gambling revenue. Lo’s appointment is not unexpected as rumors first broke out about his possible ascension to power in Suncity Group after Chau quit the company from prison in December. He is still being held at Coloane Prison to this date.

Lo had to outbid others in order to acquire the stake, though, which he did through his wholly-owned Major Success Group Limited, which he channeled into ensuring that he may assume control over Suncity Group. As a result, he now controls the majority of the company and will seek to navigate it through one of its most difficult periods.

Suncity Group is also hoping to resume trading. The recent overhaul of Macau’s junket business has added to the woes of a company that has banked heavily on this model. Regardless, Suncity Group remains a flexible entity with integrated resort development projects in a number of jurisdictions, including Russia, Vietnam, and the Philippines.

Chau to Face Trial for His Alleged Crimes

Meanwhile, Chau himself is expected to face trial in September, according to sources close to the matter. The embattled former executive is standing trial with a list of 20 co-defendants who are accused of having facilitated the alleged illegal activities that took place through Suncity Group and its junket operations.

The Suncity Group’s connection has already cost Star Entertainment and Crown Resorts dearly with local authorities in Australia opening probes and reaching damning conclusions about some of the practices that were in breach of anti-money laundering laws in the country.