HK Warns Jailed Gambling Kingpin’s Former Firms Over Russia Deal
- Hong Kong regulator says it has concerns about firms’ conduct
- LET was formerly part of Alvin Chau’s Macau gaming empire
Alvin Chau
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Hong Kong’s securities regulator warned it may delist two companies formerly headed by jailed Macau gambling kingpin Alvin Chau because of concerns about a $116 million sale of assets in Russia.
Shares remain halted as the Securities and Futures Commission said they were concerned LET Group Holdings Ltd. and Summit Ascent Holdings Ltd. hadn’t complied with rules requiring shareholders’ approval of the deal, the regulator said in a statement Wednesday. The SFC asked both companies to address its concerns but hasn’t received a response, it said.