Jeju Shinhwa IR owner retires from board

Jeju Shinhwa IR owner retires from board

Chairman of Hong Kong-listed Shinhwa World Ltd. (formerly Landing International Development Ltd.), a promoter of a Jeju, South Korea-based casino resort Yang Zhihui, has retired from the board, the company discloses Tuesday.

Yang had in August 2018 gone out of contact with his company, only returning to work in November the year.

By the time of Yang’s return, the group said he had explained to the board that he was assisting a ‘relevant department of the People’s Republic of China’ with an investigation during the period of his absence.

Shin Hwa World controls Jeju Shinhwa World, a resort with a foreigner-only casino on the South Korean holiday island of Jeju.

Tuesday’s filing mentioning his retirement followed the firm’s annual general meeting that day.

The company disclosees that it is not aware of any matter relating to the retirement of Mr Yang that needs to be brought to the attention of the shareholders and the stock exchange. Likewise, Yang did not have any disagreement with the board.

Board member Chan Mee Sze will be acting chairperson, pending appointment of a new chairman.

Shin Hwa World Ltd reported in March a loss attributable to shareholders of HKD216.9 million (US$27.7 million currently) for full-year 2022. That compared with a HKD1.06-billion annual loss for 2021 – a period when tourism to Jeju was still affected by the COVID Global Pandemic.

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