Philippines Activist Group Accuses Chinese Gambling Mogul Of Fronting

PHILIPPINES ACTIVIST GROUP ACCUSES CHINESE GAMBLING MOGUL OF FRONTING

23rd December, 2016 at 08:09:48
Source: http://www.azonlinecasinos.com

Volunteers Against Crime and Corruption lay DOJ complaint against Jack Lam.

Macau online gambling mogul Jack Lam's Philippines troubles keep mounting following a Department of Justice filing Friday by the activist group Volunteers Against Crime and Corruption (VACC) against him and four others accused of illegal fronting.

Lam's whereabouts are presently unknown, but local media reports named four other people accused of helping him circumvent the 40% foreign ownership requirement for businesses in the Philippines in relation to his interest in Fort Ilocandia Resort Hotel in Laoag City, now shuttered by the government (see previous reports).

The VACC complaint alleges contraventions of Section 2-A of Commonwealth Act 108, better known as the Anti-Dummy Law.

Named as respondents are Rosanno Nisce (former president of Fort Ilocandia), Siu Wah Chung (a British national and former chairman of the Board of Directors), Edgar Lim (former treasurer and director of Fort Ilocandia), and Jose Roberto Mumuric (former secretary and director of Fort Ilocandia).

"Through corporate layering, Fort Ilocandia, through its dummy companies, and its directors and officers, are able to exercise, enjoy, use and exploit real property, contrary to law," the complaint claims.

According to VACC, Fort Ilocandia's stockholdings consist of Ilocandia Holdings Corporation (59 percent), IGL (39 percent), less than 1% share (Lam Yin Lok aka Jack Lam).

Ilocandia Holdings Corporation's stockholdings, meanwhile, consist of Sevenseas Holdings (59 percent) and Corpsmart Ltd. (39 percent).

"The corporate structure of the above corporations, despite being seemingly compliant with the Philippine laws, warrants a deeper investigation as to their real foreign equities and those of their subsidiaries and/or affiliates," the complaint reads.

"It is common knowledge among business owners, especially in the field of entertainment and gaming, that it is Lam Yin Lok a.k.a. Jack Lam who is personally running and managing these corporations contrary to the Anti-Dummy Law."

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