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10:0620 Jan
The Jeju Landing Casino in South Korea that hosts the Triton Poker High Roller Series have turned to the police for help after an employee and $13.4million in cash apparently disappeared without trace.
The massive sum was reported missing in an insider information announcement on the Hong Kong Stock Exchange, around the same time as owners, Landing Entertainment Korea, contacted police.
That initial message to shareholders and potential investors read:
“…on 4 January 2021, the management of the Group discovered that certain funds amounting to approximately KRW14.56 billion (equivalent to approximately HK$103.8 million [or US$13.4 million]) belonging to the Group kept in Jeju, South Korea was missing (the “Incident”). Currently, the management of the Group is unable to reach the employee-in-charge of the funds. The Company has immediately reported the Incident to the police in South Korea and they are currently investigating the Incident.”
Police are reportedly looking for, “a Malaysian employee who was in charge of fund management,” according to press reports. The employee “went missing at the same time as the theft was discovered after going on a year-end holiday.”
A police statement to the press read:
'The money seems to have been taken away over a period of seven to eight months. But it seems that the theft was not noticed as a large amount of cash was always stored in the safe.'
According to the Korea Times, who calculated that the missing cash would have weighed roughly 290kg:
“The missing money does not belong to Jeju Shinhwa World or Landing Casino but Landing International Development, the parent company of Landing Entertainment Korea.”
Landing owns and operates the massive casino resort, Jeju Shinhwa World, who recently reported a loss of HK$792.2 million (US$102.2 million) for the six months to 30 June 2020, mostly attributable to the coronavirus pandemic. The Jeju Landing Casino is a foreign national-only venue.
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The Landing International Development Ltd stock exchange statement finished:
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“The Board is currently gathering information in relation to the Incident and is still investigating the matter. Further announcement(s) will be made to update the shareholders and potential investors of the Company as and when appropriate.”
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