Alvin Chau resigns as Suncity Group and Summit Ascent CEO; trading of Suncity stocks resumes as firm clarifies it has never operated junket business

Suncity Group Holdings issued a statement announcing the resignation of Alvin Chau. (Allin photo)

Hong Kong-listed Suncity Group Holdings issued a statement at around midnight on Wednesday (1 December) announcing the resignation of its chairman and CEO Alvin Chau Cheok Wa, who is currently under pre-trial detention at Coloane Prison in Macau on suspicion of organising illegal gambling for Chinese customers, after the firm suspended trading of its shares on the Hong Kong bourse on Wednesday morning.

In the statement, Suncity said it had received Chau’s resignation letter and decided to accept his resignation since it would be “in the firm’s best interest” and it would also allow Chau to devote more time to “handle his personal affairs”. The resignation was effective from 1 December and Suncity resumed trading of its shares on Thursday morning.

The investment holding firm also clarified in the statement that it had no junket business operations in Macau, noting that all Suncity-branded VIP gaming rooms in Macau were run by a casino junket firm solely-owned by Alvin Chau.

It added that the firm was in no position to comment on the fate of Suncity-branded VIP gaming rooms, which have all ceased operations since Wednesday. Hundreds of employees at these VIP rooms have been affected.

Suncity has interests in several casino projects in the Asia-Pacific region, but does not include the junket business, in addition to property development and resorts management.

Meanwhile Summit Ascent Holdings, another Hong Kong-listed firm founded by the embattled junket boss, also announced Chau’s resignation as CEO and chairman on Wednesday, citing Chau’s pending legal proceedings as the main reason.

Summit Ascent is an investment holding company principally engaged in the operation of gaming and hotels in the Russian Far East.