Hong Kong-listed LET Group Holdings has announced the resignation of two independent non-executive directors, leaving just two directors – including Chairman Andrew Lo Kai Bong – on the board.
According to information filed with the Hong Kong Exchange, Tou Kin Chuen and John Lo Wai Tung stepped down with immediate effect on 5 November 2024, with the company stating the pair felt they were unable to make a meaningful contribution towards assisting the company in resuming trading of its shares.
Hong Kong’s Securities and Futures Commission (SFC) in February ordered trading in LET Group’s shares be suspended due to concerns that a move by Lo to sell the company’s entire stake in Russian casino-resort Tigre de Cristal was made without the required approval of shareholders.
It has since launched legal action against Lo for the alleged misconduct, stating he “deliberately disregarded the applicable Listing Rules and the requirements under the Code on Takeovers and Mergers and caused both LET and [its subsidiary] Summit Ascent to enter into agreements to dispose of their assets in Russia in early 2024.”
In January, prior to the SFC taking action, five of LET Group’s six board members had stepped down in protest at the attempted sale of Tigre de Cristal, leaving Lo as the company’s only representative before three directors returned in May.
LET Group has since stated its intention to ensure its share are traded again although neither it nor Summit Ascent have yet published their FY23 financial results.
While Lo has since resumed efforts to sell off its Russian interests, Summit Ascent at present still holds hold a 77.5% stake in Tigre de Cristal operator Oriental Regent, while LET Group, formerly known as Suncity Group, owns 69.66% of Summit Ascent.
Lo assumed control of both companies following the arrest of former Suncity Group chairman Alvin Chau in late 2021.
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