Casino investor Landing International Development is looking into the sudden disappearance of KRW14.56bn ($13.4m) stored in gaming hub Jeju, South Korea
Landing International Development noticed the sum kept in Jeju gambling island was missing on Monday 4 January 2021. The person responsible for the fund hasn't been located yet. The company commented on the search stating:
currently, the management of the group is unable to reach the employee-in-charge of the funds.
Landing International assured they “immediately reported the incident to the police in South Korea and they are currently investigating the incident”.
The board is currently gathering information in relation to the incident and is still investigating the matter.
As a result of the COVID-19 pandemic, Landing International's expansion project for Jeju Shinhwa World, including a Lionsgate Movie theme park and a Four Seasons Resort, have been "suspended" to "preserve healthy liquidity".
Moreover, it was reported that the net loss for the company reached HKD792.2 million (US$102.2 million) during the first half of 2020. This was recorded while Landing International experienced a 24.5% year-on-year decline in aggregate revenue for the period in question.
Source: Gambling Insider
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