Landing International Development Chairman Yang Zhihui, who all but vanished in late August amid reports that he had been detained by Chinese police, has emerged from hiding and “resumed his duties” at the firm, according to a release issued on November 26.
According to Inside Asian Gaming, Landing was unable to contact Yang throughout the three-month period. It was speculated that he had been detained in Cambodia and taken to China because of his association with China’s state-owned Huarong International Financial Holdings Ltd., whose former head is being investigated in a graft probe. At the time of his disappearance, an image circulated online showing a person resembling Yang on an airport tarmac, being escorted in handcuffs by two men. Apparently he has now been released from custody.
“Mr. Yang explained that he has been assisting the relevant department of the People’s Republic of China with its investigation during the period of his absence,” Landing said in its statement.
Yang disappeared in August, shortly after appearing at a groundbreaking ceremony for Landing’s planned US$1.5 billion integrated resort in Manila. That project has since been shelved by Philippine President Rodrigo Duterte, who fired the board of Landing’s local partner and insisted that no new casinos would be built during his administration.
Yang holds a 50.48 percent stake in Landing through a wholly-owned Chinese company. The day before his disappearance, the company was forced to suspend trading after its stock plunged 35 percent from HK$5.60 to HK$3.71 in less than two hours.
In the recent announcement, Landing said “the business and operations of the group have been steady and normal currently and during the period while Mr. Yang was temporarily absent.” The Macau News Agency reported that shares initially soared more than 40 percent in Hong Kong after Yang’s return.
