Landing International Reports US$13.4 Million Missing in Jeju along with Employee Responsible for the Cash

Landing International Development Limited faced the beginning of the year with US$13.4 million in cash reported missing.

The missing money belonged to the group in Jeju South, Korea and was reported missing on Jan 4, 2021. The company is currently searching for one of its employees who was reported missing along with the significant amount of money.

The management has not been able to reach the missing employee who is the alleged perpetrator of the crime since he was in charge of the funds.

The case was immediately reported by the company and the police in South Korea are currently investigating it.

The owner and exclusive operator of the casino resort Jeju Shinhwa World, Landing, recently reported a loss of HK$792.2 million (US$102.2 million) for the period of six months till 30 June last year on a 25% decline in consolidated revenue to HK$262.1 million (US$33.8 million).

Yet another scandal in Landing International Development Limited broke at the end of last year when the board Chairman of the company Yang Zhihui resigned from the board of China Dive Company Limited, a company that produces marine diving equipment. The resignation was due to allegations he manipulated the securities market.

Although there was no sure evidence for his actions, the news was enough to force Yang Zhihui to resign. His relationship with China Dive Company ended on December 14. An investigation started right after that by The China Securities Regulatory Commission.

About the Company

Landing International Development Limited is a Hong Kong-based company of numerous entertainment and leisure resorts, which has a large offer of facilities, such as casinos, luxurious hotels, convention centres, theme parks and attractions, international catering, retails and property development.

The company was established in 2001, which means it already has a lot of years of experience. Its latest facility opened on 22 March 2018 on Jeju Island of South Korea. Jeju Shinhwa World is the Group’s flagship property.

Jeju Shinhwa World is an enormous complex that covers an area of 2.5 million square metres. It features other facilities, such as Somerset Jeju Shinhwa World, which is the first full-serviced condominium resort on Jeju Island, as well as Shinhwa Theme Park, Jeju Shinhwa World Landing Resort and others.

The company and its subsidiary Group aim to expand throughout other Asian regions aside from South Korea.

Source: “Landing International looking for employee after US$13.4 million goes missing in Jeju”, Inside Asian Gaming, January 6, 2021.

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