Chinese real estate firm Landing International Development Limited reportedly announced that it is confident of recovering most of the approximately $13.4 million stolen from casinos within Jeju’s Shinhwa World Development.
According to a report by Inside Asian Gaming, the cash was stolen from a Hong Kong-listed operator in January, prompting an intensive search for a missing employee at a landing casino in a South Korean property giant. The source later detailed that local police had arrested three people who helped retrieve about $11.8 million now as evidence in an ongoing investigation.
Landing International Development Co., Ltd. opened a vast Jeju Shinhwa World site in April 2017 and has been gradually adding facilities to Jeju Island’s development, including 344 Somerset Jeju Shinhwa World condominium and 20-story Shinhwa Theme Park.
Before receiving any information from the Korean police and Landing International Development Limited, investors were informed that they were not sure if the stolen money could be recovered. However, it said in an official filing on Monday that it declared that ‘the money seized will be returned to the group after the relevant investigation and/or legal proceedings are completed.’
“The seized money is expected to be part of the amount the group missed in this incident.”
In a report on the matter, GGRASIA said Landing International Development Limited issued a profit warning last year predicting annual losses could be up to 20% better than $274.5 million recorded throughout 2019, and the operator further said it was not expected to include cash lost due to the ‘incident’ at the landing casino, which is stored in police accounts
“As the case investigation is still ongoing, the company has not confirmed the recoverable amount and the fixed amount recognized as a loss in the group’s consolidated financial statements as of this release date.” 슬롯사이트