11 million Euro disappeared - Casino-Operator surprised

Curious news is reaching us these days from Landing International Development Limited. The worldwide-active Investment-Group has namely a small problem: around 11 million Euro have disappeared. And no one knows, where the money is. The company operates, among other things, several casino resorts and is just surprised about the loss of money as the global media.

The “small” faux pas was announced by the responsible exchanges in Hong Kong (HKEX). And the responsible employee of the entertainment group? Surprisingly he has also disappeared just like the millions. The New Year started with an embarrassing announcement from the Landing International Development Limited, which has a registered office in Hong Kong. The management is missing 11 million Euro and one of the employees. Currently there is no information about the whereabouts of the money. Now the company has been forced to inform the shareholders and investors of the stock exchange about the “Incident”.

Reserve funds worth millions not available

The management of Landing International Development Limited has announced, that the financial reserve funds of the South Korean Jeju are missing. In the Republic of Korea where the Investment-Group operates, among other things, the world-famous Casino Resort Jeju Shinhwa World, as well as further casinos and theme parks offering gastronomical and overnight packages.

An internal audit has now revealed that around 14,5 billion South Korean Won are missing in this business segment. Converted, that comes up to a value of around 11 million Euro. It is till this point in time not yet clear, where the reserves worth millions of the Landing-Group have gone to. There are still investigations going on. At the same time, the management of the company is now suspicious.

Funds-Employee disappeared 

Together with the announcement that around 11 million Euro cannot be accounted for, it is also suspicious the fact that the employee responsible for the funds, cannot be reached anymore. It is therefore not improbable, that the responsible manager is on the escape with the millions of money. The Landing-Management stated :

“Presently the management of the group cannot reach the employee responsible for the funds. The company has reported the incident immediately to the police in South Korea, and the latter are investigating the case.“ 

The incident only became public, because the Landing-Group is a company registered on the stock exchange and therefore duty bound to report such an occurrence. For this reason, one had to report the relatively embarrassing incident, as stated by the respective stock exchange regulations in Hong Kong.

Investors asked to remain calm

In its statement, the Landing-Group asked the investors to keep calm. This seems to be understandable, since it would be counterproductive for the financial situation of the company, if other important investors had to pull out now from the Landing-Group. According to the current announcements, it is however highly unlikely that the financial reserves will turn up. The investigations of the police have till now not lead to any results. 

Liquidity already effected

The solvency of the Landing-Group has already been affected by the worldwide persisting pandemic. There were only a few tourists visiting South Korea recently because of the strict entry restrictions. Tourists count as the only source of income of the Casino Resorts, since gambling is, as already explained here above, illegal for the locals. During this time, it is naturally affecting the Investment-Group much harder, since now they suffered a financial setback since both the funds worth in millions, as we as the responsible employee have vanished.

Conclusion

For an outsider, it is very difficult to comprehend that a single employee can make a sum of eleven million Euro (converted) disappear without anyone noticing. We can’t wait to see, if at least part of the money will reappear anytime soon. We also have to wait to see if the police investigations in South Korea will lead to the arrest of the perpetrator.

Image Source: https://pixabay.com/de/photos/katze-britisch-überraschung-ansicht-2762156/