Landing International looking into $13.4M disappearance on Jeju Island

Landing International looking into $13.4M disappearance on Jeju Island

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Category: Blog, Industry News
Posted by: AffPapa
Jeju

Landing International Development, the casino investor, is currently inspecting the sudden vanishing of KRW 14.56bn ($13.4 million) stored in gaming hub Jeju, South Korea.

Landing International Development realized that the sum kept in Jeju gambling island had disappeared on Monday, 4th of January 2021. Whoever is responsible for the fund has not been found as of now. 

The company commented on the search saying:
“Currently, the management of the group is unable to reach the employee-in-charge of the funds.” Landing International assured they “immediately reported the incident to the police in South Korea and they are currently investigating the incident”. They also noted: “The board is currently gathering information in relation to the incident and is still investigating the matter.”

Landing International’s expansion plans for Jeju Shinhwa World, which include a Lionsgate Movie theme park and a Four Seasons Resort, have been “suspended” to “preserve healthy liquidity” as a result of the COVID-19 pandemic.

Furthermore, it was said that the net loss for the company hit HKD 792.2 million ($102.2 million) solely during the first half of 2020. This was recorded while Landing International was experiencing a 24.5% year-on-year decline in aggregate revenue for the period in question.