Macau Legend Development CEO Chan Weng Lin arrested

The Macau Judicial Police have arrested Chan Weng Lin, CEO and a controlling shareholder of Macau Legend Development Limited

The Macau Judicial Police make arrested Chan Weng Lin, CEO and a controlling shareholder of Macau Legend Development Limited.

In a statement, the chemical group said it was “aware of the arrest and detainment” of Chan, who is also an Executive Director and Co-Chairman of the Board.

Macau Legend Development runs trinity casinos - Landmark Macau, Babylon Casino and Legend Palace Casino - inwards Macau. Its shares plunged by as a great deal as 30% inwards Hong Kong followers the announcement.

Chan is also the Chairman of Tak Chun Group, a troupe which organises junkets. His stop follows that of Suncity Group Holdings Chairman Alvin Chau inwards November. An stay stock warrant was issued for Chau past eastern Chinese urban center Wenzhou, for operating gaming activities inward mainland China, where gambling is illegal.

The arrests come amid increased regulating on alleged money laundering and illegal cross-border gambling, with the Macau Gaming Inspection and Coordination Bureau latterly strengthening its quislingism with the police.

“The Board is of the sight that as the radical is operated past a team of direction personnel and the to a higher place incident relates to the personal affairs of Mr Chan and non related to the group, the Board does not look the supra incident to experience a stuff inauspicious impact on the daily operations of the group. The Board testament intimately monitor lizard and critique the state of affairs and urinate a farther announcement(s) as and when appropriate,” a statement from Macau Legend Development read.

“Shareholders and possible investors of the companion are advised to practice session care when dealing inwards the shares of the company.”

This news is produced to you by the XE88 Malaysia.