Asia bulletin: Macau Legend to go under review following CEO’s arrest
Macau Legend Development has appointed an audit firm to review the business, following the arrest of its former CEO Levo Chan.
The news follows a report in February, in which Macau Legend announced a special committee would be set up to review the company.
The organisation claims to have initiated this review to maintain “good corporate governance” and ensure Chan’s alleged criminality had not seeped into the business.
Chan was arrested in late January for organising illegal gambling, money laundering and for having links to criminal gangs. He was the head of the Tak Chun junket and was arrested alongside the high-profile CEO of Suncity, Alvin Chau.
Macau Legend has now appointed an external, international accounting firm as an independent consultant for the review process. Macau Legend has introduced this external body to maintain clarity in its review process; citing its belief that the move is both “prudent and appropriate.”
However, the extent of the external audit firm’s involvement in the company review remains unclear.
Macau Legend’s statement details the review as “specific” and “limited” to “identifying and assessing the impact” the incident of Chan’s arrest had on the company.
It is expected the review into Macau Legend’s operations will be completed in or around mid-April 2022, barring any unforeseen circumstances.
Macau Legend cites travel restrictions and quarantine measures caused by Covid-19 as the sole hindering factor to the pace at which the review can take place.
Furthermore, the review is subject to the Independent Consultant’s schedule, according to Macau Legend. It is not known whether this will have a significant impact on the release of the review.
Macau Legend operates the Fisherman’s Wharf complex, which warned of a likely suspension of trading in Hong Kong last week, due to a delay in the publication of its financial results for 2021.
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