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Chairman Alvin Chau issues HK400 million loan to Suncity Group amid heavy

first_img Las Vegas Sands reaches new SG$4 billion loan agreements for Marina Bay Sands expansion Suncity Group Holdings Ltd has obtained a HK$400 million loan from its chairman Alvin Chau to help finance its next 12 months after booking a loss of RMB1.65 billion (HK$1.90 billion) for the six months to 30 June 2018.In its results announcement for the period, announced overnight, Suncity Group stated that its current liabilities now exceeded its current assets by RMB3 billion and its total liabilities exceeded its total assets by RMB1.89 billion. The company’s loss for the period, increased from a loss of RMB628.5 million in 1H17, was attributed to a change in the fair value of derivative financial instruments – related primarily to a previously issued convertible bond in the amount of HK$570,000 to Suncity Group’s majority shareholder Fame Select Limited, which is itself 50% owned by Chau.In order to cover for its growing losses, Suncity Group said overnight that it has since secured a loan of HK$400 million from “a related company which is beneficially owned by Mr Chau”, repayable over 60 months at 3.5% per annum. The group has already drawn down HK$176 million from the loan.Despite its growing debt, Suncity Group said, “Taking into account the financial resources of the group, including the financial support from Mr Chau, its controlling shareholder and facility of HK$400 million granted from a related company subsequent to the reporting period, the directors of the company are of the opinion that the group has sufficient working capital to meet in full its financial obligations as they fall due for at least the next 12 months from the end of the reporting period.”Losses aside, Suncity Group saw its revenue climb 25.8% in the six months to 30 June 2018 to RMB456.0 million on the back of 250% growth in its travel business, Sun Travel Ltd, to RMB250.8 million. Sun City Travel provides travel accommodation procurement and ferry ticketing to Chau’s Sun City Gaming Promotion Company Limited in Macau.The company also booked revenue for the first time from its resort management and consultancy services segment, totalling RMB8.5 million. Suncity Group last year entered into memorandums of understanding in relation to provision of management and consultancy services to two integrated resorts in Vietnam (Van Don Project and Hoi An Project) and a technical service agreement to provide pre-opening and technical services to the casinos and F&B facilities for Van Don Project in 2017. The group also entered into another technical services agreement in February 2018 for Hoi An Project Phase 1 development of Hoi An Project, which is expected to be completed by July 2019. Hoiana golf course to welcome first players from 23 September Load Morecenter_img RelatedPosts JW Marriott at Galaxy Macau named venue and Galaxy Entertainment Group named Venue Sponsor for 2019 Asian Gaming Power 50 Black Tie Gala Dinnerlast_img read more

Canadian groups tell gold company to stop harassing Costa Ricans

first_imgNo related posts. Seven Canadian environmental and human rights groupssent a strongly worded letter Tuesday to Infinito Gold mining company CEO John Morgan demanding he end the company’s “decade-long harassment of the people and the government of Costa Rica.”MiningWatch Canada, Sierra Club Canada, Comité pour les droits humains en Amérique latine and four other groups asked Infinito Gold to withdraw an April 4 threat to sue Costa Rica for $1 billion over its loss of a mining concession at Las Crucitas, an open-pit mine site near the Nicaraguan border, a press release stated on Tuesday.“Infinito Gold has tried to portray itself as the victim of a capricious court system. In reality, the Calgary-based company has tried to strong-arm Costa Rica’s judiciary into overturning two Supreme Court rulings (2010 and 2011) that upheld the country’s ban on open-pit mining. The courts told the Canadian company it could not develop the Crucitas mine, and told Infinito to pack up and go,” a statement issued by MiningWatch Canada said.On April 4, Infinito Gold sent a letter to Costa Rican Foreign Trade Minister Anabel González demanding the government “allow local franchise Industrias Infinito SA (IISA) to resume full operations of the Crucitas mine located in San Carlos, Alajuela, which was closed after the approval of an amendment to [the country’s] Mining Law that banned open-pit mining in the country.” IISA’s spokeswoman Yokebec Soto said at an early April press conference that the company “believed the investment was guaranteed, because our company was invited to the country to develop the mine.”The Canadian company already has invested $92 million in the project, and it claims to have lost $1 billion in potential profit, Soto said.The company said it would file a $1 billion lawsuit for breach of the Costa Rica-Canada Free Trade Agreement, as outlined in protocols of the Bilateral Investment Treaty, approved by both countries.On Jan. 30, 2011, the Costa Rican Supreme Court’s Civil and Administrative Law Branch annulled the mining concession and upheld a ban on open-pit mining, approved after an amendment to the country’s Mining Code was adopted in 2010.“Instead of leaving, the company ratcheted-up a campaign of intimidation, attempting to censor a University of Costa Rica course focused on the mining project and launching defamation suits against two professors and three other Costa Ricans who have spoken out publicly about the potential impact that this mining activity could have on a fragile environment,” the MiningWatch Canada statement said.The group also claimed that in 2012, Costa Rica asked the Canadian government to “provide information about an alleged US$200,000 donation to then-President Oscar Arias’ Arias Foundation in 2008, coming from Canada, and made just days before Arias decreed that the Crucitas mine was to be considered ‘in the national interest.’” “Canada’s Department of Justice responded to this request in early February of this year, but has refused to comment on the information provided. The Costa Rican government suddenly announced last week that the long-time head of the Arias Foundation had been named as its Ambassador to Argentina,” the statement added.MiningWatch Canada spokesman Jamie Kneen said the company’s actions have “seriously damaged Canada’s reputation in Costa Rica, a country that is a favorite destination for Canadian eco-tourists.”“Today’s letter calls on Infinito Gold to drop all legal actions against Costa Rica and its citizens and to leave the country. It also calls on the Canadian government to immediately divulge what it knows about the questionable payment made to the Arias Foundation in 2008,” Kneen said.Tico Times editor David Boddiger contributed to this report. Facebook Commentslast_img read more