Landing International Development Ltd says it anticipates the return to the group of KRW13.4 billion (US$11.8 million) in cash stolen from its South Korean casino, after it was seized by local authorities.
The company revealed in early January that it was searching for a casino employee after discovering KRW14.56 billion (US$13.4 million) missing from a safe at Landing Casino, located within its Jeju Shinhwa World integrated resort on Jeju island.
Providing an update on latest developments on Monday, Landing said it has been informed by the Jeju Special Self-Governing Provincial Police Agency of Korea that it has identified and arrested three suspected accomplices to the theft after arrest warrants were issued by a Korean court.
Those arrests helped recover KRW13.4 billion of the missing funds, which are currently being kept in the deposit account of a bank under the name of Jeju Police.
“The seized money is expected to be part of the amount the Group missed as a result of the incident,” Landing said.
“The investigation of Jeju Police is still ongoing, and it is anticipated that the seized money will be returned to the Group after the relevant investigation and/or legal procedures are completed.”
Landing had previously stated it was unsure if the stolen funds would be recoverable after issuing a recent profit warning in which it anticipated a likely reduction in losses of between 10% and 20% from the 2019 reported loss of HK$2.13 billion (US$274.5 million). The company’s final FY20 results have yet to be released.