Lam steps down as Jimei International Chairman
Jack Lam Yin Lok, Chairman of Hong Kong listed junket investment firm Jimei International Entertainment Group Ltd has today announced he will step down from his role as Chairman of the company.
The move follows Mr Lam selling his 65% share in the business in April for a total of HKD443.2m.
Yan Xu, a recently appointed executive director of the company has been appointed to the Chairman position in Mr Lam’s place.
Luo Lei has been appointed as an executive director of Jimei International and will serve as Chief Executive for the company.
Jimei International have also announced a directorial reshuffle, with executive directors Tsui Kin Ming and a further three non-executive directors including Kwok Chi Chung stepping down.
In December 2016, Philippine authorities seized assets belonging to Lam after alleged non payment of taxes and ordered his arrest on charges of bribery, causing Mr Lam to flee the country.
Authorities later said Lam could resume his local gaming operations if he paid the necessary fines and back tax obligations, a sum totalling PHP13.9 billion (US$276 million). To date, no monies have been paid to the Philippine government and Mr Lam has not returned to the country.
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