Macao casino King Alvin Chau 'cheats' government of $1bn tax

Macao Junket Boss Alvin Chau

HONG KONG Macao junket boss Alvin Chau and senior executives of Suncity Group Suncity Group ran a vast criminal gang that cheated the city's casino hub around 1 billion dollars in taxes revenues according to an indictment. 온라인카지노

Chau, who is 48 years old and billionaire founder of Suncity was arrested in November. He is now facing years in prison if found guilty on charges which include money laundering, fraud and gambling that is illegal, in the most serious criminal case to strike Macao in a long time. His trial is scheduled to begin in September. 2.

The 224-page indictment, viewed through Nikkei Asia, offers a look at the details of the trial of Chau as well as 20 other former Suncity executives charged with using the company to cover for a broad-ranging criminal plot which cheated the world's largest gaming center of 8.2 billion Hong Kong dollars ($1.04 billion) in tax revenue between 2013 to the end of last year.

Suncity Group and Suncity VIP Club 

"Chau used the name of Suncity Group and Suncity VIP Club and disguised it as a long-term, organized and highly stable business in Macau," reads the indictment, which was filed on May 24. "The main purpose of the group was to earn illegitimate profits."

The alleged scams also led to Macao's licensed gaming operators were unable to collect as much in the region of HK$2.08 billion of gaming revenues as per the Gaming Inspection and Coordination Bureau (DICJ) and Chau's illegal operations are believed to have brought in profits of around HK$21.5 billion from 2013 to 2021.

Chau's junket business

founded on bringing gamblers with high net worth to the city's tables at casinos and has since fallen apart as Suncity being forced to close its gaming rooms for VIPs in Macao and Macao, as Chau quit the business which he started.

The arrest of the man, which took place following the mainland Chinese officials also issued warrants for his arrest and was interpreted as a part of a wider clampdown on gaming which has led to stricter oversight by the government.

The investigation revealed Suncity's ties to casinos in Australia and in the Philippines. The two largest gaming companies operating in Australia, Crown Resorts and Star Entertainment Group have changed their chief executives in aftermath of the scandal.

Macao's lawyer as well as Chau's Public Prosecutor's Office did not respond to inquiries for details on the indictment's charges and the criminal charge that 286 Chau who was the former CEO for Suncity Suncity CEO faces.

In the year of 2019 Chau said in the year of the year 2019 that Suncity did not conduct any illegal activities despite the reports in the press about Suncity.

Prosecutors assert that Chau's Suncity operated for a number of years illegal gaming operations in more than 200 gaming rooms that belong to Macao's casino operators that include Wynn Macau and Galaxy Entertainment.

The allegations, which haven't been proven by the courts indicate that Suncity offered gambling under the table which had gamblers and operators agreeing privately for the purpose of increasing their initial bet up to 20 times.

Macao gambling laws prohibited junket operators from playing the game. Additionally, wagers weren't reported to gaming or tax authorities.

"When a gambler places bets of $10,000 yuan ($1,500) on a table, he puts a bet of 20,000 Yuan on the table'. '... If the gambler wins the gambling establishment will compensate him with 10,000 yuan, and the casino will also give him 20,000 Yuan," the indictment states. "However should the gambler loses, the casino has to reimburse the casino 10,000 yuan as well as additionally, 20,000 yuan to an illegal gaming company. "

Chau established several firms that controlled betting at the table. He advised his clients with the highest wealth to invest a minimum of HK$5 million per share in order to collect dividends and commissions from gambling which were not in the legal guidelines in the year 2019, the scheme that was illegal included 216 shareholders that placed an investment of about HK$4.02 billion.

Chau's 20 co-defendants were allegedly involved in concealing fraudulent activities in various corporate departments, including marketing and finance. In addition, the indictment alleges that Suncity provided regulators with fake financial statements in order to conceal its operations.

Prosecutors charged various Suncity top executives which included Lou Seak Fong and Leong Su Weng, of promotions of junkets and soliciting gamblers. Cheong Chi Kin is accused of being responsible for overseeing those "under-the-table" operations. 카지노사이트

Syndicate 

The syndicate is also accused of arranging illegal gambling through gambling websites and mobile applications which they set up that allowed gamblers in the mainland of China as well as Macao to bet at casino venues that are located in Vietnam, Cambodia and the Philippines.

The money that was wagered on those bets, credited by Suncity VIP accounts supposed to have been deposited in Macao.

Gambling is not permitted within the mainland of China and Suncity transported wealthy mainlanders for a gamble Macao using borrowed funds, and then paid off their debts via non-official channels.

The channels, as per the prosecutor, were comprised of the use of front companies as well as underground banks that Suncity would collect the debts of clients in mainland China and then use the funds to launder through at minimum 121 asset management companies as well as other investment ventures. The defendant Cheung Lingling is accused of creating at least five of these businesses on the mainland of China.

Macao Gaming Law

The Macao gaming law was changed to reduce casino operating licenses by half, bringing them down to 10 years, and increase the tax rate for gaming profits up to 40 percent, which is the most high in the region. Another bill was aimed at monitoring junket operators and strengthening the Macao's gaming regulator. 주소모음