Hong Kong-listed LET Group has announced the appointment of four new directors to its board, including two directors returning to the company after stepping down in November.
Their additions are aimed at repopulating a board that was left with chairman Andrew Lo as its only representative following a mass walkout last year – the second time Lo was left on his own following a failed attempt to sell off the group’s interest in Russian casino resort Tigre de Cristal.
The returning directors are Tou Kin Chuen and John Lo Wai Tung, who had both served on the board of LET Group under its original identity, Suncity Group. The company changed its name in 2022 following the arrest of former chairman and long-time Suncity junket boss Alvin Chau by Macau authorities.
The two new directors include Lam Hung Tuan, who currently serves Chief Technology Officer of the group’s Philippines subsidiary Suntrust Resort Holdings – developer of a US$1.1 billion hotel and casino complex due to open in Manila’s Entertainment City this year. Lam was previously Vice President of Information Systems and Technology at Hoi An South Development Ltd, the operating entity of Vietnam resort Hoiana of which Suncity Group was an original joint venture partner.
The other new addition to the board is Ms Chan Suet Ngan – a long-time accountant said to have over 23 years of experience in the fields of accounting, finance and company secretariat. She was also an executive director of 8088 Investment Holdings Limited, which was listed on the GEM operated by the Stock Exchange until it was delisted on 22 August 2022.
Repopulating its Board of Directors is one of a number of requirements listed by the Hong Kong Exchange in order to resume trading
Hong Kong’s Securities and Futures Commission (SFC) in February ordered trading in LET Group’s shares be suspended due to concerns that a move by Lo to sell the company’s entire stake in Tigre de Cristal was made without the required approval of shareholders.
It later launched legal action against Lo for the alleged misconduct, stating he “deliberately disregarded the applicable Listing Rules and the requirements under the Code on Takeovers and Mergers and caused both LET and [its subsidiary] Summit Ascent to enter into agreements to dispose of their assets in Russia in early 2024.”
In January 2024, prior to the SFC taking action, five of LET Group’s six board members had stepped down in protest at the attempted sale of Tigre de Cristal, leaving Lo as the company’s only representative before three directors returned in May, then departed again in November.
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.
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