Landing International Development, which runs a foreigners-only casino in South Korea, is on the hunt for KRW14.56 billion (US$13.4 million) in missing funds, as well as the employee in charge of those funds.
In a January 5 filing to the Hong Kong Stock Exchange, Landing said it “immediately reported the incident to the police in South Korea,” who are “currently investigating the incident.” Landing operates Jeju Shinhwa World on Jeju Island.
The company added: “The board is currently gathering information in relation to the incident and is still investigating the matter.”
According to GGRAsia, in August, Landing International reported a net loss of slightly more than HKD792.2 million (US$102.2 million) for the first six months of 2020, down 5.2 percent year-on-year. It experienced a 24.5 percent year-on-year decline in aggregate revenue for the period, to about HKD262.1 million.
At the time, several large-scale expansion projects including a Four Seasons Resort and a Lionsgate Movie World theme park were “suspended” so the group to “preserve healthy liquidity” during the Covid-19 pandemic.
The employee of interest was not named in news reports.
