Suncity Group Holdings Limited is proposing to have its name changed to LET Group Holdings Limited, according to a Hong Kong Stock Exchange filing.
The board of directors explained that the LET stands for Leisure, Entertainment and Taste, a name that they believe would better reflect the group’s strategic business plan and future tourism-business development.
“The Board believes that the new name can bring a new atmosphere to the company’s corporate image and identity, which will help the company better capture potential business opportunities and benefit the future development of the group,” the board stated.
The brand Suncity has appeared to have been tarnished due to the arrest of junket mogul and former company chairman Alvin Chau.
Following his arrest in November amid the junket crackdown, Chau resigned from his executive positions at Suncity Group.
The Public Prosecutions Office (MP) has indicted Chau for founding and directing a “secret association.”
The 21 involved in total are already starting to be notified.
If found guilty, those involved face possible sentences of eight to fifteen years in prison.
Macau police detained Chau and others after Chinese authorities issued warrants for their arrest over accusations that they ran an illegal cross-border gambling syndicate. LV
