Summit Ascent company secretary exits following resignation of majority of its directors

As its company secretary steps away and it struggles to comply with Hong Kong Stock Exchange rules, Summit Ascent Holdings Ltd., a key investor in the Russian casino resort Tigre de Cristal, is encountering governance challenges.

The company said in a recent filing that Mok Wing Wai, who was employed via Tricor Services Ltd. to provide corporate secretarial services, had resigned with effect from February 17.

The filing acknowledged that while Ms. Mok retired with amicability, the business would be in breach of stock market requirements as a result of her departure.

Following the resignation of the majority of its directors on January 15, Summit Ascent had earlier declared itself non-compliant due to its resistance to a deal involving the purchase of G1 Entertainment LLC, the owner of the Tigre de Cristal gaming license, for US$116 million.

Despite ongoing challenges, the company is actively seeking Ms. Mok’s replacement to expeditiously restore compliance.

Original story by: GGRAsia