Macau Legend: No irregularity between Levo Chan and companies
An independent consultant of Macau Legend Development did not find any irregularity in the dealings between the company and Levo Chan or his related entities.
According to an announcement made by the firm, “having considered the findings of the independent consultant on the review, […] the incident has no significant impact and does not affect the business operations of the company.”
This comes after Macau Legend’s board established a special committee on February 11, 2022 which appointed the independent consultant on March 5, 2022 to conduct a review, following the arrest of major shareholder and co-chairman Levo Chan in January this year.
The independent consultant has completed the review covering the period from September 1, 2021 to January 31, 2022 and issued a report on its findings on May 19.
“Based on the findings of the independent consultant on the review, while there were recurring and non-recurring business dealings between the company and Levo Chan, a controlling shareholder of the company and his related companies, the independent consultant did not note any irregularity in these dealings between the company and Mr. Chan or his related entities,” Macau Legend stated in the announcement.
In January, Chan was arrested on suspicion of operating illegal online gambling and side-betting activities.
The police disclosed that in the follow-up investigation for a similar case last November, the Suncity case, the authority discovered that the two suspects, Chan and Choi Wai Chan, president of Ying Hai Group, allegedly conducted illegal activities.
Following his arrest, Melinda Chan has been reappointed as the chief executive officer of Macau Legend.
Melinda Chan has been the executive director since March 26, 2020 and served as the company’s chief executive officer between March 26, 2020 and December 29, 2020.
Macau Legend currently operates their casinos under a service agreement scheme, using the license owned by the concessionaire SJM Holdings Ltd.
In a statement following the arrest of Levo Chan, the company said that its daily operations would not be affected.
