Jockey Club: Just five days left

The Macau Jockey Club is aware of its potential violation of the Commercial Code and is working to come up with a proposal to fix the situation, reports Portuguese language publication Hoje Macau.
As advanced by the publication earlier this month, the Macau Jockey Club posted a loss of MOP88 million (US$11 million) for last year’s results, meaning that its corporate capital was lower than half of its original corporate capital at the time the company was set up.
According to the Commercial Code of the MSAR, notes the publication, this is a violation of the law which should lead to an injection of corporate capital into the company within 60 days to repair the situation, or the company is to be dissolved. If this injection or proposal for dissolving the company does not happen, then the administrator is punished by a fine or a three-month prison term.
As noted by the publication, the company has presented negative accounts since at least 2005, with losses in 2014 reaching MOP54 million.
The Gaming Inspection and Co-ordination Bureau (DICJ), in response to the publication’s enquiry, noted that the Macau Jockey Club has until the end of this month to “present a proposal to solve the problem in question”.
‘The Administrative Council of our company has been informed of the issue. In March, during the annual shareholders meeting, we already [spoke] of article 206 of the Commercial Code,’ the Macau Jockey Club wrote, in response to the publication.
Regarding the alleged violation of the law by the Macau Jockey Club and the measures being applied to fix the current circumstances the Macau Jockey Club declined to comment by the time Business Daily went to press.