Landing International Development Ltd Chairman Dr Yang Zhihui has been detained by authorities in Cambodia, according to reports by Chinese media.
Rumours began swirling early Friday that Dr Yang was taken into custody in Phnom Penh in relation to his business links to China’s state-owned Huarong International Financial Holdings Ltd, whose former head is being investigated in a graft probe. Inside Asian Gaming has been told that the Landing boss has since been taken back to China.
As previously reported by IAG, Landing had suspended trading on Thursday after its stock price plummeted 35% from HK$5.60 to HK$3.71 in less than two hours.
Asked by IAG for confirmation or comment of Dr Yang’s arrest, Landing said only, “It is confirmed that the company has been unable to contact or reach Mr Yang Zhihui. The company is making attempts to contact Mr Yang.”
It added that day-to-day business operations would continue as usual under CEO Jay Lee and CFO David Hoon.
“We do not expect that the temporarily absence of Mr Yang would have any material adverse impact on the daily business operations and financial positions of the group,” the company said.
Yang, who holds a 50.48% stake in Landing through his own wholly-owned company, was present in Manila earlier this month when the company held a groundbreaking ceremony for its planned US$1.5 billion integrated resort in Entertainment City – a project that remains in doubt after Philippines President Rodrigo Duterte said he would allow no new casinos to be built under his watch.
Despite Duterte’s stance, Landing this week reiterated its intention to open its Manila IR in 2022.
