Suncity Group Shares Fall Around 48% After CEO Arrest
Posted on 11/30/2021
Shares of Suncity Group Holdings Ltd. cratered by the most since 2008 – as much as 48% in share price. Suncity Group’s Chief Executive Officer Alvin Chau Cheok-wa was arrested earlier. He was detained on November 26, 2021 and Chau intends to resign as chairman and executive director, Suncity said in a regulatory filing. On Sunday, Macau’s judiciary police disclosed that Alvin Chau confessed to establishing overseas gambling platforms and carrying out illegal virtual betting activities. Macau authorities accused him of operating gambling activities in mainland China.
Chau is the head of Macau’s biggest casino junket operator and is a controlling shareholder of the company.