Dr Yang Zhihui, the long-time Chairman and Executive Director of Hong Kong-listed Shin Hwa World, formerly known as Landing International Development Ltd, has retired as a director, the company announced overnight.
Shin Hwa World owns and operates integrated resort Jeju Shinhwa World, home to Landing Casino, on South Korea’s Jeju island.
In a filing, the company said it was not aware of any matter relating to Dr Yang’s retirement that needs to be brought to the attention of shareholders or the Stock Exchange, nor was there any disagreement with the Board.
It does, however, come after he was suspended by the company last November due to the Securities and Futures Commission of Hong Kong (SFC) commencing legal proceedings against him. Those proceedings were related to another company of which Yang was also chairman, Teamway International Group Holdings Limited, which is alleged to have conducted business or affairs in a manner “unfairly prejudicial to the interests of members of Teamway.”
In particular, the SFC claimed Yang breached his fiduciary duties to Teamway in respect to a number of transactions and matters, failed to procure Teamway to disclose certain inside information in breach of his disclosure duties, undertook conduct dishonestly for his private purpose and personal benefits – and contrary to Teamway’s interests – and generally failed to act with due and reasonable care, skill and diligence by failing to properly supervise the affairs of Teamway and subsidiaries.
Yang, who owns 50.48% of Shin Hwa World, has a colorful history, having famously gone missing for three months in 2018 after being detained by authorities in Cambodia. When he returned, Landing explained that he had been “assisting the relevant department of the People’s Republic of China with its investigation during the period of his absence.”
In late 2020 he resigned from the board of Chinese marine diving equipment producer China Dive Company Limited amid allegations he manipulated the securities market.
In Tuesday’s filing, Shin Hwa World said it is currently taking steps to identify a suitable person to take up the role of chairman.
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