HONG KONG—Shares in an Asian casino operator plunged in Hong Kong on Friday as it said its tycoon head had gone missing, the latest setback for the firm after a project in Manila had been stopped.
Landing International Development said in a filing to the Hong Kong exchange Thursday that chairman Yang Zhihui could not be found, hours after its share price lost about 35 percent and was then suspended.
When trading restarted early Friday it dived another 16.22 percent to end at HK$3.15.
Mainland news site Caixin reported Friday that Yang was being investigated by Chinese authorities probing his ties with the head of state-controlled Huarong Asset Management and had been detained in Cambodia.
Landing said in Thursday’s statement it had “noted the fluctuation in the price and trading volume of shares of the company on 23 August 2018 and confirmed that the company has been unable to contact or reach Mr. Yang Zhihui… since 23 August 2018.”
“To the best knowledge of the board, the business operations and financial positions of the group are normal,” Landing said in its statement to the exchange, adding that the “temporary absence” of Yang would not affect its operations.
Yang is the company’s largest shareholder with a 50.5 percent stake. Landing said it was making attempts to contact him.
Landing said in a statement the company and its subsidiaries continue to operate as usual despite the temporary absence of the chairman.
Landing’s board headed by Zhou Xueyun added it expects the temporary absence of would not have any material adverse impact on the day-to-day operations and financial position of the Landing Group.
It said it was also determined to push through with the Nayon Landing, a US$1.5-billion integrated resort project in Manila’s Entertainment City, adding the resources were enough to complete the project by 2022.