Bilyonaryo - Business

Same dog, different collar: Suncity changes name months after arrest of former boss Alvin Chau

August 22, 2022

Bilyonaryo.com

Scandal-tainted Suncity Group Holdings has obtained approval for its name and logo change following the indictment of its former boss Alvin Chau for illegal gaming, criminal association, fraud, and money laundering.

In a disclosure by its Philippine subsidiary, Suntrust Resort Holdings (SUN), Suncity shareholders approved on August 15 to change its name to LET (Leisure, Entertainment, and Taste) Group holdings. A day later, Suncity obtained the green light from the Registrar of Companies in the Cayman Islands for its name change

LET it be: Suncity Group changes name just weeks after owner Alvin Chau was charged with cheating Macau of $1B in taxes

“The board is of the view such proposed change will better reflect the (Suncity) and its subsidiaries’ strategic business plan and its future development direction with the focus on tourism-related business. (Suncity’s) Board believes that the new name can bring a new atmosphere to (Suncity’s) corporate image and identity, which will help (Suncity) better capture potential business opportunities and benefit the future development of the group,” said the Hong Kong-listed investment holding firm.

Beijing’s Macau envoy given new ‘national security’ role after arrest of Suncity’s Alvin Chau

Chau, the former Macau junket king, has remained in detention since his arrest in November 21 for running illicit online and proxy betting.

Alvin Chau’s $40M loan default, loss of control in Suncity won’t affect Westside City casino project – Suntrust

Chua, who has resigned from Suncity, could face a minimum of eight years in jail for founding and leading a criminal group which has cheated the government of $1 billion in taxes

Suncity is pushing through with its plan to open the $432 million Westside City casino resort project in Paranaque City in 2024.

Related News Tags: Alvin Chau, Suncity Group Holdings, Suntrust Resort Holdings, Westside City

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