Mythical finances


In the most recent development of the case relating to the Beijing Imperial Palace Hotel, Amax International Holdings Limited, the company holding a 24.8 per cent stake in Greek Mythology, operator of the Greek Mythology Casino, has submitted an application ‘to the Court of Macau, SAR for a court order to appoint Mr. Ng Man Sun, the Chairman and Chief Executive Officer of the Company (Amax), as the administrator of the Associate (Greek Mythology)’.
Amax International has been unable to accurately calculate its financials ‘due to Greek Mythology’s refusal to provide the Company with its valid financial information since 2012’ according to Amax’s annual results filing, resulting in a series of legal procedures by Amax.
Greek Mythology casino is located in the Beijing Imperial Palace Hotel – the first 5-star hotel in the MSAR to be temporarily closed by the local government.
While noting that Greek Mythology had turned over ‘what purported to be the management accounts of the Associate for the years ended 31 March 2013 and 31 March 2014, respectively,’ Amax did not receive ‘any notice from the Associate (Greek Mythology) to convene a general meeting to approve the annual accounts,’ noting that Greek Mythology ‘has failed to provide all documentation concerning the annual accounts necessary for the Company for audit purpose’.
To counter this, the group hopes that ‘if the Court Order is granted, the Company would be able to get access to the books and records of the Associate,’ the most recent filing announces. The application was submitted June 19, with confirmation received by Amax from its lawyer on June 22.