Marina Bay Sands has put on the gloves and sued China For You Group chairman Chen Huaide for running away from S$3.9 million in debts. The Singapore subsidiary of US casino operator Las Vegas Sands filed the lawsuit in the Hong Kong High Court late last week.
According to Marina Bay’s filing Huaide, who replaced He Jianhong as chairman of the investment holding company, could be responsible for Marina Bay Sands’ unusual share price movement, which plunged 27.4% to 45 Hong Kong cents last Thursday before falling another 11.1% to 40 Hong Kong cents on noon last Friday.
“A charging order may have been made restraining Mr Chen from transferring certain shares of certain company or companies on January 7,” the company said in its filing.
For its part, China For You Group, which changed its name from China Packaging Group in November 2014 explained that the issues involving its chairman “is his personal matter.” According to a statement released by the company, the shares of one of Huaide’s private companies are the subject assets of the changing order and that the company “had no involvement in the matters.”
Over in Cambodia, a storage facility belonging to casino operator NagaCorp was removed after protests from hundreds of monks caused a ruckus in the country as fears grew that the casino company was planning to develop the land located on the Buddhist Institute. The removal of the temporary structure was ordered by Cambodia’s National Assembly’s commission on religious affairs after hearing from outraged Buddhists over the presumed plans of NagaCorp to use the land to develop a gaming facility.
Seng Somony, an undersecretary of state at the Ministry of Cults and Religion, didn’t specify as to when the structure was removed but the fact that it was suggested that the Buddhist Institute wasn’t under threat from NagaCorp’s ongoing casino development.
Yem Ponhearith, the head of the National Assembly’s commission on religious affairs confirmed the reports of the structure’s removal after visiting the site late last week.