Rich Goldman chairman steps down

| By Marese O'Hagan
Hong Kong-based junket operator Rich Goldman Holdings has announced the resignation of Mr. Lin Chuen Chow Andy from the roles of chairman, executive director and chairman of the business's nomination committee.

The resignation took effect on January 12.

According to Rich Goldman, Mr. Lin stepped down from these roles to focus on personal commitments.

The company’s statement also outlined that Lin has no disputes with the company’s Board and that no part of his stepping down needs to be alerted to the Hong Kong Stock Exchange and Rich Goldman shareholders.

Ms. Lin Yee Man has been appointed to fulfill each of Mr. Lin’s former positions. This took effect on January 12.

She owns 70.1% of the company through the ownership of 1.35 billion shares.

Ms. Lin has four years of professional experience in investments, and previously held the positions of consultant and vice chairman of a private investment company.

Ms. Lin will hold these positions until she is eligible for re-election at the company’s next annual general meeting.

In recent months, junket operations have been under fire as controversy swells surrounding their practices and alleged links between some junket businesses and illegal activity. In November trading in junket operator SunCity’s shares was suspended following the arrest of company chairman Alvin Chau.

He was arrested along with ten others under suspicion of facilitating an illegal syndicate that allegedly recruited Chinese residents to gamble illegally in Macau. The money was then laundered through junket accounts.

The group faces charges of money laundering, criminal syndicate involvement and illegal gambling.

Chau resigned days after his arrest.

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