Money disappeared from Shinhwa World Casino Hong Kong headquarters fund
Report on the company side, foreigner’finance manager’ departed at the end of last year
Jeju Shinhwa World Landing Casino.
On the 5th, Hong Kong’s Landing International reported on the company’s website’s’Internal Information Announcement’, “The fact that the company’s management lost about 14.56 billion won (Hong Kong USD 13.8 million) owned by the company that was stored in Jeju Island on January 4 I found.” The company said in an announcement, “Management is currently unable to contact the fund manager. The company immediately reported the loss to the (Korea) police and is currently under investigation. The board of directors is currently collecting and investigating relevant information and will make an announcement later.” When the cash stored at Jeju Shinhwa World Landing Casino (Ramjeong Entertainment) in Andeok-myeon, Seogwipo City, Jeju disappeared, the company disclosed the loss case to shareholders in accordance with the Hong Kong’s’Securities Listing Rules’. The Jeju Shinhwa World side reported it to the Seogwipo Police Station in time when the company notified its shareholders in Hong Kong, and the case was handed over to the Jeju Police Agency’s anti-corruption economic crime investigation unit and started a full-scale investigation. Because of the enormous amount of cash, it is attracting attention for what purpose these funds were stored and how they disappeared.
■ What is the use of the lost money?
Why did the Hong Kong headquarters store this money in a casino in Jeju without even the local subsidiary in Jeju Island? There is a growing curiosity about the use of huge sums of cash. Hong Kong Landing International is known to have found and stored 30 billion won in initial operating funds at a domestic bank when the landing casino in Jeju Shinhwa World opened in March 2018. Shinhwa World denied the point that this lost money was not part of the money it found and stored at the time. Jeju Shinhwa World was established by Chairman Yang Zhui in February 2017 to donate 1 billion won to Jeju National University as a human resource development fund, and in May 2018, at the time of its opening, donated 10 billion won to the Gotjawal Public Relations Foundation. I also made a donation. An official at Jeju Shinhwa World said, “We may have stored cash as operating funds at the time of opening, but we know that this lost money has nothing to do with 30 billion won.” Ramjeong Entertainment Korea and Ramjeong Jeju Development, which operate the landing casino, issued a statement on the 8th and said, “It is clear that the lost funds are not from Ramjeong Entertainment Korea, a casino exclusively for foreigners, and not from Ramjeong Jeju Development, a resort operating company. . Therefore, it has no effect on the operation and finances of Jeju Shinhwa World.” It is not related to the operation of the casino because it is not the Jeju Shinhwa World Resort or casino fund, and it is the fund entrusted by Landing International, the headquarters of Hong Kong.
Jeju Shinhwa World Ramjeong Resort.
■ What is the relationship between the money manager and the Hong Kong headquarters?
The chairman of Hong Kong’s Landing International Board of Directors is Yang Zhi Hu. Yang Zhihui, who founded Landing International, a resort development company in Hong Kong in 2006, established Ramjeong Jeju Development and Ramjeong Entertainment Korea in 2013 to create Shinhwa World Resort. After that, in March 2018, Shinhwa World Complex Resort was built in Jeju, traveling back and forth between Hong Kong and Jeju. Landing Casino has enjoyed a boom since its opening in March 2018 and recorded sales of 380 billion won by the end of the year. During the same period, it accounted for 74% of the total sales of 8 casinos in Jeju Island of 511.2 billion won. However, when Yang Zhihui was arrested by the Chinese authorities at a Cambodian airport in August 2018, was detained for three months, and was released, he returned as chairman of the board of directors, but the casino business stumbled afterward. Although the impact of Corona 19 was large, sales of 1.7 billion won in October last year and 3.1 billion won in November were also limited. The police and the company are paying attention to the Malaysian nationality woman A (55), who was in charge of funding at the casino. This woman was dispatched to the Hong Kong Landing International in March 2018 as an executive person and is known as a person who directly communicates with Chairman Yang Zhihui. An official from Shinhwa World said, “I was sent alone, and I knew it as a manager or manager of money, but I don’t know what this person does. He said he had no contact with us. The company said in the disclosure that it was not contacting Mr. A.
■ Where is the lost money?
Like a scene in the movie, all the lost money is in cash, and in the case of 50,000 won, 29,1200 copies, which is 300 kg. Even if you put it in the apple box (20kg) that often appeared in the slush case, you need 15 boxes. It is pointed out that there is a high probability that Mr. A would not have been treated alone. It was reported that the money was not in a safe for currency exchange for ordinary casino users, but in a safe in another office. Security personnel and 1,100 closed-circuit televisions are installed inside and outside the casino, so it is expected that it will be difficult to move such a large money box to avoid the eyes of surveillance. Because of this, it is pointed out that money may have been leaked over a long period of time or that multiple people will need to move the money. As a result of tracking the whereabouts of Mr. A, who was in charge of casino funding, the police confirmed that Mr. A was not returning to Jeju after leaving the country at the end of December last year. The police investigated the closed-circuit television around the office with the safe, but couldn’t see where the funds were being taken away. The police said, “Due to the memory capacity of the surveillance camera, the previous video will be automatically deleted after about a month.” The police believe that there is a possibility of revealing the behavior of Mr. A, such as the movement of funds, if the video that was recorded and deleted a month ago is restored. It is also of interest whether the lost money went abroad or is located elsewhere on Jeju Island. Some believe that because the amount is large, it is more likely that it was leaked over a long period of time rather than a short period of time. There is a high possibility that a pile of cash will be caught at the cargo checkpoint at the airport, and if it exceeds US$10,000 (10.87 million won), it is not easy to take it out of the country because it must be declared at customs. The Jeju Tourism Service Union, LEK Branch of the Federation of Korean Trade Unions, a landing casino trade union, said, “This incident is a shocking event that causes a huge blow to the foreign reputation of the landing casino. The chief operating officer should disclose the findings of the fact-finding investigation, and make a formal apology as the supervisor of the investigation process and contents.” By Hur Ho-joon, staff reporter [email protected]