Marina Bay Sands
has put on the gloves and sued China For You Group chairman Chen Huaide for running away from S$3.9 million in debts. The Singapore subsidiary of US casino operator Las Vegas Sands filed the lawsuit in the Hong Kong High Court late last week.
In a filing with the Hong Kong exchange, China For You said Huaide, who replaced He Jianhong as chairman of the investment holding company, could be responsible for the company’s unusual share price movement. China For You plunged 27.4% to 45 Hong Kong cents last Thursday before falling another 11.1% to 40 Hong Kong cents on noon last Friday.
“A charging order may have been made restraining Mr Chen from transferring certain shares of certain company or companies on January 7,” the company said in its filing.
China For You Group, which changed its name from China Packaging Group in November 2014, explained that the issue involving its chairman “is his personal matter.” According to a statement released by the company, the shares of one of Huaide’s private companies are the subject assets of the changing order and that the company “had no involvement in the matters.”
BUDDHIST PROTEST PROMPTS NAGACORP TO SHIFT STORAGE FACILITY
Over in Cambodia, a storage facility belonging to casino operator NagaCorp was removed from land belonging to the Buddhist Institute after protests from hundreds of monks. The removal of the temporary structure was ordered by Cambodia’s National Assembly’s commission on religious affairs after hearing from outraged Buddhists over the presumed plans of NagaCorp to develop a gaming facility on the property.
Seng Somony, an undersecretary of state at the Ministry of Cults and Religion, didn’t specify as to when the structure was removed but the fact that it was suggested that the Buddhist Institute wasn’t under threat from NagaCorp’s ongoing casino development.
Yem Ponhearith, the head of the National Assembly’s commission on religious affairs confirmed the reports of the structure’s removal after visiting the site late last week.
“Cults and Religions Minister Min Khin implemented what he promised,” Ponhearith said, referring to Khin’s promise to take down the structure to alleviate the concerns expressed by religious groups in Cambodia.
