BUSINESS

Casino tycoon ‘missing’ as stocks plunge

Staff Writer

Colombo (News 1st) – China’s anti-corruption agency announced in April that Huarong chairman, Lai Xiaomin, was under investigation for suspected graft.

Shares in an Asian casino operator plunged in Hong Kong on Friday as it said its tycoon head had gone missing, the latest setback for the firm after a project in Manila was stopped.

Landing International Development said in a filing to the Hong Kong exchange on Thursday that chairman Yang Zhihui could not be found, hours after its share price lost about 35 per cent and was then suspended.

When trading restarted early Friday it dived another 16.22 per cent to end at HK$3.15.

Mainland news site Caixin reported on Friday that Yang was being investigated by authorities probing his ties with the head of Huarong Asset Management and had been detained in Cambodia.

China’s anti-corruption agency announced in April that Huarong chairman, Lai Xiaomin, was under investigation for suspected graft.

Chinese President Xi Jinping had launched an anti-graft campaign in 2012.

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