Landing International Development is investigating the disappearance of KRW14.56bn ($13.4m) that was kept in Jeju, South Korea.
The company realised the funds went missing on Monday, but the employee in charge of it hasn’t been located yet and the company said, “currently, the management of the group is unable to reach the employee-in-charge of the funds.”
According to the announcement to the Hong Kong Stock Exchange, “the company has immediately reported the incident to the police in South Korea and they are currently investigating the incident.”
It added: “The board is currently gathering information in relation to the incident and is still investigating the matter.”
Landing owns and operates foreigner-only casino resort Jeju Shinhwa World on Jeju Island. Recently, the company reported a net loss of HKD792.2m ($102.2m) for the first six months of 2020, a 5% year-on-year decline. Aggregate revenue for the period dropped by 25% to HKD262.1m.
Before the COVID-19 outbreak, the company was planning to expand Jeju Shinhwa World. Reportedly the new additions would include a Four Seasons Resort and a Lionsgate Movie World theme park.
But the expansion plans are currently placed on hold as the company tries to “preserve healthy liquidity” to better manage the impact the pandemic has on the business.
