Summit Ascent Holdings Limited 凱升控股有限公司

SFC seeks share repurchase order for independent minority shareholders of LET (1383) and Summit Ascent (0102)
SFC, 27-Sep-2024
Due to alleged misconduct by Chairman Andrew Lo Kai Bong. In fact he's not just the Chairman, he's the only director of both listed companies. He can hold board meetings in his toilet.

SFC suspends dealings in the shares of LET Group (1383) and subsidiary Summit Ascent (0102)
SFC, 14-Feb-2024
Summit Ascent has sold its Russian casino for US$116m without obtaining shareholders' approval and maybe leaving it unsuitable for listing. All the directors except controlling shareholder Andrew Lo Kai Bong quit in protest. In our view, the SFC should now petition the court to order distribution of the sale proceeds and winding up of both companies, otherwise public shareholders are left stranded. This group was previously run by Macau kingpin Alvin Chau Cheok Wa, who was jailed there for 18 years in Jan-2023.

Court of Second Instance acquits Alvin Chau of fraud but increases compensation to SAR to HK$25 bln
Macau Business, 21-Oct-2023

Alvin Chau: Macau gambling kingpin jailed for 18 years | Hall of Shame
BBC, 18-Jan-2023
And with that, the former Chairman of 3 HK-listed companies is inducted into our "Hall of Shame".

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