Now under the name Let Group Holdings, the business group that grew out of Macau’s largest junket company admits to being in a difficult situation after failing to pay several debts. The war in Ukraine was one of the justifications for the negative results
The Suncity Group, now named Let Group Holdings, is in default after failing to pay three debts. The announcement was made on Monday, the day of the default, to the Hong Kong Stock Exchange, with the company’s board admitting that it is “working to resolve the situation” and considering “various solutions.”
Also read: Macau police closed all of Suncity’s junket rooms, amidst CEO arrest
According to the information made available, the company has failed to pay three obligations. The first concerns a promissory note with a value of 303 million Hong Kong dollars, excluding interest, and had been issued to the company Star Hope. This is a company controlled 100 percent by Alvin Chau, the former chairman of the junket group, who is currently in custody awaiting trial for illegal gambling offenses. The first session is scheduled for Friday.
Read more at: Hoje Macau
