Suncity Group, which recently announced its foray into IR projects in Cambodia and Vietnam, has assured its shareholders that its activities in these countries is lawful under Hong Kong laws.
In a stock exchange filing on Friday, the company confirmed that all gambling activity and bookmaking transactions and parties to the transactions will fall outside of Hong Kong, ensuring its activities are lawful under the Gambling Ordinance.
It also assured shareholders that it will be liaising with the relevant government authorities and local legal advisers in Cambodia and Vietnam to ensure its compliance with local laws in both countries.
Suncity also said it will ensure its compliance with local anti-money laundering policies and laws. “The company will engage one of the Big 4 firms and/or other reputable international audit firm(s), to assist the group to design and set up proper internal controls, policies, and procedures for prevention of serious crimes and money laundering activities,” it wrote.
In August, Suncity announced that it has completed the acquisition of a 34 percent stake in the Hoiana IR development in Central Vietnam.
The IR is expected to open in mid-2019 with entertainment and retail facilities, a casino, a mass market hotel, and an all-suite hotel along with a number of villas.
Last month, the company entered into a strategic partnership agreement to provide consultancy services to a US$360 million integrated resort in Cambodia, which is to be opened by local company Golden Sun Sky.
The resort is expected to have a gross floor area of 650,000 square meters with “certain gaming facilities” and is to open by the end of 2019. (AGB)