Yang Zhihui, chairman of Hong Kong-listed Shin Hwa World Ltd., has retired from the company’s board of directors.
Shin Hwa World, formerly known as Landing International Development Ltd., is the promoter of Jeju Shinhwa World, a resort in Jeju, South Korea that includes a foreigners-only casino.
In a filing following the firm’s annual general meeting, the company said Yang did not have “any disagreement with the board” and added that board member Chan Mee Sze will serve as acting chair.
According to GGRAsia, in August 2018 Yang suspended contact with the company but returned to work in November of the same year. At that time, he explained his absence by saying he was “assisting a relevant department of the People’s Republic of China with an investigation during the period.”
In March, Shin Hwa World Ltd. reported a loss of HKD216.9 million (US$27.7 million currently) for 2022, following a HKD1.06 billion loss for 2021, during the Covid-19 pandemic.
