Landing International inspect $13.4M vanished in Jeju, South Korea

Casino investor Landing International Development is looking into the sudden disappearance of KRW14.56bn ($13.4m) stored in gaming hub Jeju, South Korea

Landing International Development noticed the sum kept in Jeju gambling island was missing on Monday 4 January 2021. The person responsible for the fund hasn't been located yet. The company commented on the search stating:

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 continued:

The board is currently gathering information in relation to the incident and is still investigating the matter.

As a result of the COVID-19 pandemic, Landing International's expansion project for Jeju Shinhwa World, including a Lionsgate Movie theme park and a Four Seasons Resort, have been "suspended" to "preserve healthy liquidity". 

Moreover, it was reported that the net loss for the company reached HKD792.2 million (US$102.2 million) during the first half of 2020. This was recorded while Landing International experienced a 24.5% year-on-year decline in aggregate revenue for the period in question.

Source: Gambling Insider 

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