Former Sun City Group Chairman Alvin Chau, who is currently serving an 18-year prison sentence for crimes committed as Suncity Group CEO, has been ordered by a Macau court to sell off 36 real estate properties he owns, said to be worth a combined MOP$600 million (US$74.5 million).
According to information from the Macau court, the 36 properties belonging to Chau and Grupo Tai Tak Lei Limitada will be auctioned off by the court, to be overseen by requesting executor U Lai Wan.
Among the 36 properties are 31 parking spaces with auction prices ranging from MOP$1,133,000 (US$140,630) to MOP$1,184,500 (US$147,000), while the remaining five are commercial properties with prices ranging from MOP$55,517,000 (US$6.9 million) to MOP$176,748,000 (US$21.9 million). The total value is approximately MOP$600 million.
The properties are located on Estrada Coronel Nicolau de Mesquita and Beco da Perola in Taipa, in a building called Caesar Fortune. The auction will be held on 12 September 12 with bidding to close a day earlier on 11 September.
Chau and the 12 other defendants were sentenced on 19 January on various charges including substantial fraud, criminal association, illegal gambling and money laundering, with Chau ordered to pay MOP$6.52 billion (US$809 million) in damages to the government and MOP$2.15 billion (US$267 million) in damages to concessionaires MGM China, Wynn Macau, Sands China, Galaxy Entertainment Group and SJM Resorts.
However, Chau and several defendants have appealed the case to the Intermediate Court. The Prosecutor’s Office has also appealed in search of a stronger sentence.
RelatedPosts
