TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Chinese casino tycoon 'missing' as stocks plunge

Shares in an Asian casino operator plunged almost 20 percent in Hong Kong on Friday as it said its tycoon head had gone missing, the latest setback for the firm after a project in Manila had been stopped.

News Desk (Agence France-Presse)
Hong Kong, China
Fri, August 24, 2018 Published on Aug. 24, 2018 Published on 2018-08-24T13:04:09+07:00

Change text size

Gift Premium Articles
to Anyone

Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Chinese casino tycoon 'missing' as stocks plunge Macau, China - December 9, 2016: Cityscape with Wynn Macau, MGM Macau and Casino Lisboa, popular landmark reflecting in Nam Van Lake, a man-made lake in southern end of Macao Peninsula. (Shutterstock/Benny Marty)

 

Shares in an Asian casino operator plunged almost 20 percent in Hong Kong on Friday as it said its tycoon head had gone missing, the latest setback for the firm after a project in Manila had been stopped.

Landing International Development said in a filing to the Hong Kong exchange Thursday that chairman Yang Zhihui could not be found, hours after its share price had crashed 35 percent before being suspended in the morning.

When trading restarted early Friday it dived another 18 percent to HK$3.08 by the break.

Landing said in the statement it had "noted the fluctuation in the price and trading volume of shares of the company on 23 August 2018 and confirmed that the company has been unable to contact or reach Mr. Yang Zhihui ... since 23 August 2018".

"To the best knowledge of the board, the business operations and financial positions of the group are normal," Landing said in its statement to the exchange, adding that the "temporary absence" of Yang would not affect its operations. 

Yang is the company's largest shareholder with a 50.5 percent stake. Landing said it was making attempts to contact him. 

Earlier this month Philippine President Rodrigo Duterte pulled the rug out from Landing's new $1.5 billion casino project in Manila, saying the terms of the lease agreement were flawed. 

Duterte ordered a review of the lease just as the project was supposed to break ground. 

Landing opened integrated casino resort Jeju Shinhwa World in Korea in March this year.

Your Opinion Matters

Share your experiences, suggestions, and any issues you've encountered on The Jakarta Post. We're here to listen.

Enter at least 30 characters
0 / 30

Thank You

Thank you for sharing your thoughts. We appreciate your feedback.

Share options

Quickly share this news with your network—keep everyone informed with just a single click!

Change text size options

Customize your reading experience by adjusting the text size to small, medium, or large—find what’s most comfortable for you.

Gift Premium Articles
to Anyone

Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!

Continue in the app

Get the best experience—faster access, exclusive features, and a seamless way to stay updated.