Another director has tendered their resignation from Hong Kong-listed LET Group, leaving the company’s owner and Chairman Andrew Lo as its only remaining director for the second time in less than a year.
Just a week after two directors stepped down, LET Group said via a Hong Kong Stock Exchange filing that Bennie Kwok Kai Bun had also tendered his resignation, effective 11 November, “to devote more time for his other pursuits and family commitments.”
It added that that Kwok “had no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited and the shareholders of the Company.”
However, “Following the resignation of [Kwok], the Company has no independent non-executive Director and no member on the audit committee, remuneration committee and nomination committee of the Board. Mr Lo Kai Bong becomes the only member on the risk management committee of the Board.”
The departure of Kwok comes after Tou Kin Chuen and John Lo Wai also stepped down as non-executive directors on 5 November 2024.
It is the second time LET Group has been left with only Lo on the Board of Directors after five of LET Group’s six board members stepped down in January in protest at the attempted sale of Tigre de Cristal in Russia. Three directors had returned in May, however trading in the company’s shares remains suspended upon the order of Hong Kong’s Securities and Futures Commission (SFC), which has outlined concerns that the move by Lo to sell the company’s entire stake in Tigre de Cristal was made without the required approval of shareholders.
LET Group has since stated its intention to ensure its share are traded again although neither it nor Summit Ascent have yet published their FY23 financial results.
While Lo has since resumed efforts to sell off its Russian interests, Summit Ascent at present still holds hold a 77.5% stake in Tigre de Cristal operator Oriental Regent, while LET Group, formerly known as Suncity Group, owns 69.66% of Summit Ascent.
Lo assumed control of both companies following the arrest of former Suncity Group chairman Alvin Chau in late 2021.
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