A wealthy Malaysian businessman who was charged in a World Cup betting scheme has been let out of jail, after his poker-star friends posted bail and immigration officials cleared him for release, says the Associated Press.
Fifty-year-old Wei Seng Phua and his 22-year-old son, Darren Phua, are among eight people charged with setting up an illegal sports book in a Caesars Palace villa and taking World Cup bets. Bail was set at USD2 million for the father and $500,000 for the son.
Professional poker player Andrew Robl and 10-time World Series of Poker Champion Phil Ivey posted $2.5 million together to secure the Phuas’ release.
U.S. Immigration and Customs Enforcement officials said Tuesday that they reviewed the Phuas’ case and revoked a hold that had kept them in jail even after bail was posted.
Phua, 50, a prominent poker player and wealthy Malaysian businessman, was arrested in Macau and released on bail. He flew to Las Vegas in his private jet, where he and his associates are alleged to have resumed their illegal gambling at Caesars Palace. As the Times reported yesterday, it remains unclear how he left Macau while on bail.
The South China Morning Post reported yesterday that Paul Phua “was San Marino’s ambassador to Montenegro for more than three years until the tiny city state revoked his diplomatic status shortly after his arrest in Las Vegas earlier this month on illegal betting charges.” However, he had never presented his credentials to the Montenegrin authorities and was considered a “non-resident ambassador.” In the bail application analyzed by U.S. authorities it is stated that he was San Marino’s ambassador and held a diplomatic passport.
According to World Series of Poker press material, Phua is “a big league investment banker from China who is one of the driving forces behind the nosebleed cash games in Macau.” MDT/Agencies
Suez Environnement eyes purchases as Macau sale doubles profit
Suez Environnement, Europe’s second-biggest water company, is targeting asset purchases this year, buoyed by profit that more than doubled in the first half because of a one-time gain from a stake sale.
Acquisitions are “on its radar” as “financial flexibility” was preserved even after an increase in Suez’s stake in a Spanish unit, chief executive officer Jean-Louis Chaussade said on a conference call to discuss earnings released yesterday. The Paris-based utility is looking to expand in Italy and develop its businesses, including industrial water treatment, in India and other markets outside Europe, he said.
Net income climbed to 280 million euros (USD375 million) from 132 million euros a year earlier after the sale of an indirect stake in Cia. de Electricidade de Macau (CEM), Suez said in a statement.
Suez has a “wish list” of possible acquisition targets and the financial flexibility to complete the deals, Chief Financial Officer Jean-Marc Boursier said in an interview in February. Suez and larger rival Veolia Environnement SA have reported signs of a revival in waste-handling in Europe this year after a protracted slump when factories reduced output amid the region’s economic crisis. Bloomberg
No Comments