Majority shareholder Andrew Lo has been appointed chairman of both LET Group Holdings Limited, formerly known as Suncity Group, and its majority-owned subsidiary Summit Ascent Holdings Limited, the companies announced overnight.
In a re-designation of roles, Lo has been promoted from his previous role as Deputy Chairman of the Board – a position he assumed after former chair Alvin Chau stepped down following his arrest last December. Lo also acquired Chau’s controlling stake in the two companies in May.
He is currently deemed to be interested in shares representing 69.77% of Summit Ascent and 103.08% of LET Group.
The companies noted that Lo has long been involved in the business development of LET’s overseas businesses and is responsible for the corporate management, mergers and acquisitions of LET as well as bringing experience in the gaming industry.
Under his employment agreement with Summit Ascent, Lo is entitled to an annual director’s fee of HK$1.2 million (US$153,000) plus HK$2.4 million (US$306,000) in rental payments for the accommodation provided to him by the company.
There is no service agreement between Lo and LET Group, however the company said it had agreed to pay him HK$7.05 million (US$898,000) for the year ended 31 December 2022, comprising all fees, allowances and benefits.
Summit Ascent is majority owner of Russian casino resort Tigre de Cristal, while LET also counts Vietnam’s Hoiana and a new integrated resort development in Manila’s Entertainment City among its assets.
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