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Hong Kong police contacts also suspected Cheng Yu Tung’s company New World, a Chow Tai Fook subsidiary, was getting used as a entrance for cash laundering. The transient cautioned there was no definitive proof, but noted the company headquarters was “frequently the venue for conferences involving well-known Triad figures”. During the 90s, Cheng Yu Tung appeared on the radar of authorities in Canada, the place he owned a stake in an oil and gasoline firm with Ho. Released from jail in 2012, the Triad crime boss is presently underneath US government sanctions for alleged corruption, bribery, and the “misappropriation of state belongings”. Chinese VIP high-rollers traditionally play on credit score however, as a end result of gambling is unlawful in mainland China, bad money owed cannot be chased up via the courts. Ho died in 2020, but his pivotal position in building Macau’s casino empire means hundreds of billions in gambling revenue has flowed through the former Portuguese colony since 2002.
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