Sands China Ltd. says a lawsuit filed against its president, Wilfred Wong Yin Wai, is unrelated to Sands gaming operations and will have no impact on the company.
The suit was filed by Wong’s former employer, Hsin Chong Group Holdings Ltd., now in liquidation. He was chairman and chief executive of the construction business until November 2015, when he was appointed president and chief operating officer of Sands China. The suit alleges that Wong and at least 33 others breached their duties as Hsin Chong directors.
Until September 2015, a subsidiary of Hsin Chong participated in the development of every Macau property built by Sands China, according to information from Hsin Chong cited by GGRAsia.
In a June 9 filing to the Hong Kong Stock Exchange (HKSE), Sands China stated that Wong “strongly believes the claims are without merit; and will defend his position vigorously.” The filing stated that Wong “confirmed to the company that he assumed no executive responsibilities in Hsin Chong since November 1, 2015.” The casino company added that the claims “do not involve” the Sands China group and are “not in connection with the performance” of Wong’s duties for his current employer.”
The company further noted that its board of directors “considers that the claims will not have any material adverse impact on the group’s ordinary business, operations and financial position.”
Sands China is a subsidiary of U.S.-based Las Vegas Sands Corp.
According to Asia Gaming Brief, in April, the HKSE announced disciplinary action against Hsin Chong and its executive director Zhou Wei, saying the company “had no internal controls in relation to financial reporting, rule compliance in respect of notifiable and connected transactions, approval of transactions, and avoidance of conflict of interest.”
It said Zhou and the other directors “failed to discharge their duties to ensure the company had adequate and effective internal controls for rule compliance and to safeguard the assets of the company.”
