Sun Entertainment Group Limited, a Hong Kong-listed associate of Suncity Group with interests in film and music, says it does not expect an investigation into its controlling shareholder Alvin Chau to have any impact on the company’s operations.
In a filing late Sunday, Sun Entertainment confirmed it was aware of an investigation into Chau by the Wenzhou Public Security Bureau in mainland China and that he “has been assisting the investigation by the Macau Judicial Police.”
However, “The Board wishes to emphasize that the news coverage is related to the personal affairs of Mr Chau. The Board is of the view that the incident does not have any material impact on the financial position, business nor operation of the Group.”
As reported by IAG, the Wenzhou Public Security Bureau announced on Friday that it had been granted approval by the People’s Procuratorate of Wenzhou to issue an arrest warrant for Chau, the CEO of Suncity Group, who is accused of “opening casinos in China” via the operation of cross-border gambling operations on behalf of Suncity Gaming Promotion Company Limited.
At a press conference on Sunday, Macau’s Judiciary Police (PJ) named a 47-year-old Macau resident with the surname of Chau and described as a “businessman” among 11 people arrested as part of a mainland Chinese investigation into cross-border gambling. The PJ did not, however, fully identify the man or name Suncity Group during its discussions with the media.