Billionaire Macau Real Estate Developer Joseph Lau Found Guilty of Bribery

Written by :

Reuters

Published on :

16 March, 2014

(Reuters) - Real estate developer Chinese Estates Holdings said on Sunday its Chairman and Chief Executive Joseph Lau has resigned after he was found guilty of bribery and money laundering charges in Macau.

Ming-wai Lau, the 33-year-old son of Joseph Lau, was appointed chairman and acting CEO effective March 14, the company said in a securities filing. The younger Lau was the vice chairman of Chinese Estates and previously worked at Goldman Sachs and hedge fund firm Longview Partners before joining his father's company in 2006.

Joseph Lau was found guilty of corruption in a land deal in Asia's gambling capital of Macau on Friday and sentenced to five years in jail. He has filed an application to appeal against the verdict, Chinese Estates said.

Gambling Companies

Business & Financial

Crime

BetMGM Introduces Record-Setting Game of Thrones™ Slot to Players in New Jersey, West Virginia, Michigan and PA

Everybody loves "Game of Thrones". Now those casino gamblers in four US states will finally have the opportunity to play the Game of Thrones™ online slot for real money from the comfort of their own home, office, the train or where ever they like.

Florida AG Comes After Reddit, TikTok Demanding Social Media Companies Remove Sweepstakes Casino Ads

Florida’s Attorney General has demanded Reddit, Snap and TikTok stop carrying ads for sweepstakes gambling platforms in the state, a move that follows August lawsuits against Stake and VGW brands like Chumba Casino, LuckyLand and Global Poker.

Baba Casino: The Best Social Casino in the USA in 2026

The online casino industry in the United States has one of the fiercest competitions, as companies compete by offering exciting features and bonuses to casino players, and Baba Casino sits among the very best, if not the best, social casino in the USA.

Arkansas Saracen Casino Dirty Laundry Exposed as Two Execs on Hot Seat

Arkansas Saracen Casino Executive Hospitalized After Being Told He Will Be Terminated

Both men accused of developing gaming software marketed to “third parties within the Arkansas gaming industry.” Chief Market Officer denies allegations.