The immediate future of Landing International Development Ltd – owner and operator of Korea’s Jeju Shinhwa World – appears to be in limbo after liquidators filed two disclosures of interest related to a majority stake in the company on Monday.
Landing declared in an announcement late Tuesday that it had been made aware of the disclosures, which relate to the 1,481,567,297 ordinary shares in the company – comprising 50.48% of issued share capital – held by Landing International Ltd (LIL). LIL is wholly-owned by Landing International Development Ltd Chairman Yang Zhihui.
The disclosures were filed under Part XV of Hong Kong’s Securities and Futures Ordinance by two individuals named in the capacity of receivers as Glen Ho Kwok Leung and Derek Lai Kar Yan, who are listed elsewhere as employees of audit firm Deloitte Touche Tohmatsu LLC.
However, according to Landing, Yang has denied any knowledge of their appointment.
“Mr Yang Zhihui has informed the Company that he was not aware of the alleged appointment, and he will further look into the situation and take all necessary and appropriate actions to protect his interests over the Relevant Shares,” Landing said.
“Mr Yang has also confirmed that there is no change in the ownership of LIL as well as LIL’s shareholding in the Company as at the date of this announcement.”
Landing previously reported a loss of HK$835.6 million for the six months to 30 June 2019, with gaming revenue at Jeju Shinhwa World’s Landing Casino falling from HK$1.41 billion to HK$79.8 million for the period.
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