The legendary Jack Lam, at one time one of the major junket operators in Macau, stepped down from Jimei International Entertainment, the company he founded to operate is VIP business.
Lam, who remains a fugitive from the Philippines where he is accused of making bribes and illegally hiring Chinese workers at his Fontana Resort near the Clark International Airport, sold his stake in Jimei in April. Lam reportedly received $57 million for his 65 percent stake in the company.
Lam was chairman, executive director and CEO of Jimei and will be replaced as chairman by Yan Xu, who was appointed executive director of the company in May. Luo Lei, who became an executive director last week, will serve as chief executive officer of the company.
Also stepping aside are Tsui Kin Ming and Kwok Chi Chung, who serves as president of the Association of Gaming and Entertainment Promoters
Cosmic Leader Holdings is owned by Yan Xu and was incorporated in the Seychelles Islands. Jimei is a Hong Kong-listed company and Yan expects that to continue, as well as its role in the junket business.
