LET Group announces board restructuring, appoints four new directors
Hong Kong-listed LET Group has appointed four new directors to its board. The move follows a mass resignation last year that left Chairman Andrew Lo as the sole board member for the second time.
Among the appointees are two returning directors, Tou Kin Chuen and John Lo Wai Tung, both of whom previously served under LET Group’s former identity, Suncity Group. The new additions include Lam Hung Tuan, Chief Technology Officer of the group’s Philippines subsidiary Suntrust Resort Holdings, and Chan Suet Ngan, a finance and accounting expert with over 23 years of experience.
The appointments come as LET Group faces regulatory scrutiny over an attempted sale of its stake in Russian 바카라 resort Tigre de Cristal, which led to trading in its shares being suspended by Hong Kong’s Securities and Futures Commission (SFC) in February.
Board reshuffle after mass resignations
In January 2024, five of its six board members resigned in protest Lo’s attempted sale of Tigre de Cristal without shareholder approval. Three directors later returned in May, only to step down again in November, leaving Lo as the sole board member.
The group’s struggle to maintain board stability stems from the SFC’s legal action against Lo. The commission accused him of bypassing regulatory rules by entering into agreements to sell LET Group’s entire Russian 바카라 stake without proper approvals.
New board members
Tou Kin Chuen & John Lo Wai Tung both have previously served as directors under Suncity Group. Their return suggests a continuation of past leadership as LET Group restructures.
Lam Hung Tuan is currently Chief Technology Officer at Suntrust Resort Holdings, the company developing a US$1.1 billion 바카라 resort in Manila’s Entertainment City. He was formerly Vice President of Information Systems and Technology at Hoiana, a Vietnam resort that had Suncity as an original joint venture partner.
Chan Suet Ngan is a finance expert with 23 years of experience in accounting, finance, and corporate governance. She was previously an executive director at 8088 Investment Holdings Limited, a company that was delisted from the Stock Exchange in August 2022.
Regulatory challenges and future plans
The appointment of new directors is one of the conditions set by the Hong Kong Stock Exchange for . The SFC’s legal action against Lo remains a key challenge, as it alleges he disregarded listing rules and the Takeovers and Mergers Code when attempting to sell off the company’s Russian interests in early 2024.
At present, LET Group still holds a 69.66 percent stake in Summit Ascent, the company that owns 77.5 percent of Tigre de Cristal operator Oriental Regent. Despite regulatory hurdles, Lo has continued efforts to divest the company’s Russian assets.
