The man behind Asian casino operator, Landing International Development Limited, has reportedly announced that he will be filing a civil lawsuit against a pair of investors who are maintaining to control just over half of the firm’s shares.
According to a report from GGRAsia, Chinese casino magnate, Yang Zhihui, revealed on Friday that he had filed a ‘writ of summons’ in advance of launching the court action against businessmen Glen Ho Kwok Leung and Lai Kar Yan over claims that their British Virgin Islands-registered Landing International Limited vehicle holds a 50.48% stake in Landing International.
GGRAsia reported that Hong Kong-listed Landing International Development Limited is responsible for South Korea’s giant Jeju Shinhwa World resort facility and has long been attempting to gain official permission to build its envisioned $1.5 billion NayonLanding venue in the Philippines. The firm purportedly detailed early last month that the two investors were seeking to assert receivership rights over the alleged majority interest while an April 29 filing had conversely explained that Landing International Limited was the ‘ultimate holding company’ of the casino firm with Yang being its sole shareholder.
CalvinAyre.com used a November 6 story to report that Yang serves as Chairman and Executive Director for Landing International Development Limited but went missing in August of 2018 amid rumors that he had been arrested by Chinese law enforcement officials while visiting Cambodia. The magnate purportedly emerged a few months later claiming that he had simply been assisting officials with their investigations to be confronted with claims from Leung and Yan that they had acquired the substantial shareholding in his firm while representing financial audit expert Deloitte Touche Tohmatsu LLC.
Landing International used a Friday filing to assert that Yang had filed the ‘writ of summons’ in an attempt to receive ‘a declaration that the deeds of appointment of receiver are invalid.’ It went on to proclaim that it intends to make ‘further announcements’ on the progress of the court action ‘on a monthly basis’ so as ‘to keep the shareholders of the company and potential investors updated.’