Macau Legend, a casino investment holding company, has immediately stopped trading stocks on the Hong Kong Stock Exchange (HKEX) from today (April 1st).
Suspension was first mote last week When Macau Legend announces a delay in the 2021 full-year earnings announcement.
Rule 13.49 (1) of the HKEX Listing Regulations states that listed companies must publish their full-year results within three months of the end of the fiscal year. Companies that fail face the suspension of trading stocks.
With the Macau Legend’s fiscal year ending December 31, 2021, the rules have begun and the suspension is in effect today at 9am local time.
Macau Legend has stated that due to travel and quarantine restrictions imposed by the Covid-19 pandemic, the financial statements for the year ended December 31, 2021 could not be integrated.
Rule 13.49 (3) of the Listing Regulations states that if a company fails to publish audit results within three months of the end of the fiscal year, it must publish unaudited financial results.
But last week, Macau Legend said this wasn’t appropriate because unaudited financial accounting “may not accurately reflect the company’s financial performance and position.”
The publication delay came after the announcement in January by Chan Weng Lin, former CEO of Macau Legend. Resignation Following him Arrest About the accusation that directed the triad organization
Chan is alleged to have participated in a criminal syndication that recruits Chinese residents for online gambling.Former Chairman of Sun City Alvin Chow He was also arrested at the end of last year for being involved in the same syndication.
Macau Legend did not mention Chan’s arrest as a factor in the delay in results, but its board of directors set up a special commission on February 11 to internally assess the potential impact of the case on the business. Said it was founded on the day.
The Committee appointed an International Accounting Office as an independent consultant on March 5 to carry out certain limited reviews to identify and assess the impact of the case.
Macau Legendend states that this review is expected to be completed by mid-April and will follow the schedule of an independent consultant and will not experience any unforeseen circumstances.
