John Peter Ben Wang has resigned as executive director and deputy board chairman of Summit Ascent Holdings Ltd., which runs Tigre de Cristal, currently the sole operating integrated resort in the Primorye region of Russia near Vladivostok.
According to a filing to the Hong Kong Stock Exchange announced, Wang’s resignation was effective immediately and was “due to other business engagements.”
Following the resignation, reported the Macau News Agency, Wang “ceased to act as authorized representative of the company,” and Andrew Lo Kai Bong was appointed in his place. Bong has been a non-executive director of the company since December and worked previously as an executive director and chief investment officer of junket group Suncity Group Holdings Ltd.
A statement from Summit Ascent said that Wang “has no disagreement with the board and there are no other matters in relation to his resignation that need to be brought to the attention of the stock exchange.”
The firm expressed “its sincere gratitude to Mr. Wang for his valuable contributions to the group during his tenure of office.”
According to Summit Ascent’s 2017 annual report, Wang had been an executive director of the company since March 2011. He was appointed as deputy chairman in July 2013 and before that, served as chairman from early 2011 to mid-2013, when the company was still run by Macau casino magnate Lawrence Ho, chairman and CEO of Melco Resorts & Entertainment.
That year, Wang was the firm’s second-largest shareholder after Ho, with a 10.84 percent stake in the company. By June 30, 2018, he had reduced his stake to 5 percent, but remained the group’s second largest shareholder, according to Summit Ascent’s 2018 interim report.
