Major reshuffle for Iao Kun’s Executive Management team

123

Gaming promoter Iao Kun Group has appointed Vong Hon Kun as the new Chief Executive Officer (CEO), the company announced on Friday. The junket operator’s Executive Management Team went through a deep change as the persons occupying the positions of Chief Operations Officer (COO) and Chief Financial Officer (CFO) were also replaced. For Mr. Vong, this change is a promotion as since 2010 he was acting as COO of the company, where he was responsible for the day-to-day operations and the development of the VIP gaming patron market in Mainland China. According to the company, the new CEO has over 20 years of experience in the gaming industry, including serving as a junket agent for different VIP rooms in SJM casinos and Waldo. Vong Hon Kun is replacing Leong Siak Hung, who resigned but will continue to serve until the end of the year as consultant. Lam Chou In, formerly an Operating Officer with the group, was appointed COO. Mr. Lam is 45 years old and has served in the company since February 2010; he is a major shareholder and is going to take the vacancy opened up by the promotion of Mr. Vong. “We are pleased to announce the promotions of Vong Ho Kun to the position of Chief Executive Officer and Lam Chou In to the position of Chief Operating Officer,” said the Chairman of Iao Kun, Lam Man Pou. “Each has been with the company for a number of years and brings significant experience to his respective position”, he added. The new changes to the Executive Management Team also brought in Yip Cheuk Fai to take the position of CFO. Yip, who is 35 years old, moved from China Huitong Finance Holdings Limited, where he was working as CFO and Secretary. He replaces Raymond Li Chun Ming. Former PJ member comes aboard The former Judiciary Police (PJ) Head of the Gaming-related and Economic Crimes Investigation Department, Kwok Chi Chung, has also been hired by Iao Kun Group for the position of independent director. Mr. Kwok is 60 years old and will serve on the Audit and Nominating Committees. Since 2014, he has been acting as an independent director for another junket company, the Jimei International Entertainment Group. Mr. Kwok joined the PJ in 1985 and was appointed in September 2006 as the first Head of the Macau Judiciary Police’s Gaming-related and Economic Crimes Investigation Department, where he managed the Gaming-related Crimes Division, Economic Crimes Division and Anti-Money Laundering Division until his retirement in 2010. “In addition, Mr. Kwok Chi Chung, who is well respected in the gaming industry in Macau, is a welcome addition to the Board, and we expect he will be a valuable contributor and further enhance our company’s compliance functions”, the Chairman of Iao Kun explained. The resignations of Leong Siak Hung, Li Chun Ming were explained as being for personal and health reasons.