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Hong Kong police contacts also suspected Cheng Yu Tung’s firm New World, a Chow Tai Fook subsidiary, was being used as a entrance for cash laundering. The brief cautioned there was no definitive proof, however famous the corporate headquarters was “regularly the venue for conferences involving well-known Triad figures”. During the 90s, Cheng Yu Tung appeared on the radar of authorities in Canada, where he owned a stake in an oil and gas firm with Ho. Released from jail in 2012, the Triad crime boss is currently underneath US government sanctions for alleged corruption, bribery, and the “misappropriation of state assets”. Chinese VIP high-rollers traditionally play on credit score however, as a end result of playing is against the law in mainland China, unhealthy money owed can’t be chased up by way of the courts. Ho died in 2020, but his pivotal position in building Macau’s casino empire means hundreds of billions in gambling income has flowed through the former Portuguese colony since 2002.
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