Hong Kong’s Securities and Futures Commission (SFC) says it has “serious concerns about the conduct” of management of LET Group Holdings and its subsidiary Summit Ascent Holdings in relation to the planned sale of the entity that controls its Russian integrated resort, Tigre de Cristal.
The SFC issued a statement this week in which it confirmed it has directed the Hong Kong Stock Exchange to suspend dealings in the shares of both LET Group and Summit Ascent due to concerns regarding the “very substantial disposal”, which it believes was conducted without the necessary approval of shareholders.
It also noted that, after completion of the disposal, both companies may not have a business with a sufficient level of operations and assets of sufficient value to support their operations to warrant a continued listing status, given that Tigre de Cristal has been their primary source of income pending the ongoing development of an integrated resort in Manila.
