Casino manipulator Macau Legend Development Ltd has ordained a unexampled CEO. The tidings comes a month after its former CEO and chairman, Levo Chan, was arrested by Macau authorities for illegal gambling, money laundering, and shaping of a malefactor syndicate.

Macau’s Public Prosecutions Office has said that Chan, a major shareholder in Macau Legend, is suspected of beingness the lead of a triad gang. That solo carries a penalty of upward to 15 years inward prison.

Per a Wednesday filing to the Hong Kong Stock Exchange, Melinda Chan, no relation, will at present head up upwardly the company. She antecedently served as CEO from Mar 26, 2020 to December 29, 2020, and is a former fellow member of the Legislative Assembly of Macau.

Meanwhile, the vacant chairman spatial relation testament follow filled by deuce Macau Legend directors, Li Chu Kwan and St. David Chow. The latter is Melinda Chan’s hubby and also a former member of the Legislative Assembly.

Macau Legend owns the Fisherman’s Wharf amusement complex inward Macau’s shield and operates III casinos under the SJM Holdings license.

In the viewing of Chan’s arrest, the get on issued a financial statement distancing itself from its former chairman and CEO.

“The Board is of the sight that as the Group is operated by a team of management personnel and the in a higher place incident relates to the personal affairs of Chan and non related to to the Group. The Board does non expect the in a higher place incident to feature a stuff untoward wallop on the daily trading operations of the Group,” it said.

Chan was also the caput of Tak Chun, Macau’s second-biggest junket operator. And it’s these trading operations that seem to get caught the eyeball of the authorities.

China has launched a crackdown against the junket industry, which is constituent of a wider battle against cross-border gaming and working capital flight. China’s Ministry of Public Security has said that nearly RMB1 one million million million (US$145.5 billion) flows out of the mainland into play activities every year, which is a threat to the country’s “economy and subject security.”

Chau Down

Chan’s stay came deuce months after that of Alvin Chau of the Suncity Group, the world’s biggest gaming junket. Chau was detained past Macau authorities in November on charges of operating a malefactor syndicate, offering illegal online placeholder betting from the Philippines, and money laundering.

Chau, too, has inward the past tense been accused of having triad links. According to Aussie authorities, he was one time a member of the 14K Triads under notorious gangster “Broken Tooth” Wan Kuok-koi.

In the backwash of Chan’s arrest, shares inwards Macau Legend plunged by more than 20% to an all-time low, but feature since rallied.

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