Jack Lam pulls out of Macau junket investment firm
Veteran Macau junket investor Jack Lam Yin Lok has sold his 65.05% stake in Hong Kong junket investment entity Jimei International Entertainment Group Ltd in a deal announced on Wednesday.
This sale represents the entirety of Mr Lam’s investment in Jimei International and was placed via his company Reach Luck International Limited. It has not been confirmed if Mr Lam will retain any shareholding in Jimei International following the deal.
Speculation surrounding the sale had resulted in a suspension of trading the in company’s shares since April 7.
It follows the publication of Jimei’s financial year-end reports for 2016 which revealed that the company had made a loss of HKD39.8m, in comparison to profits of HKD8.7m in 2015.
Mr Lam’s stake was purchased by a Seychelles-based company, Cosmic Leader Holdings Limited for a total amount of HKD 443.2m (US$57.0m), with the funds being paid in two parts.
Cosmic Leader have confirmed that they will be maintaining Jimei International’s listing on the Hong Kong Stock Exchange with the company keen for Jimei to “continue its existing business”.
The controlling shareholder of Cosmic Leader is Yan Xu, who reportedly has 20 years of experience in property development in China and “extensive experience in the entertainment business through investment in various companies and financing films”.
The Jimei group operates junket arrangements with two casino properties in Australia along with casino junket operations across the Philippines and the Macau peninsula.
Mr Lam was the subject of an arrest warrant in the Philippines ordered by President Rodrigo Duterte in December 2016 following widespread reports of tax evasion and has not been seen in public since reportedly leaving the Philippines on November 29.
Duterte had also previously ordered the seizure of Mr Lam’s assets on accusations of bribery and economic sabotage following the detention of 1,316 Chinese nationals at the Fontana Hot Spring Leisure Park.
However, a Philippine senate committee hearing concluded that he had been a victim of extortion by Bureau of Immigration officials rather than an instigator of bribery.
Picture: Jimei International Group Limited
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