President of Chinese company embezzled $2.13 million to pay gambling debt in Macau
Gambling On The House In Macau.
Here’s a story of a big spender Chinese man who took pride in his casino gambling skills, he was said to place minimum bets of half a million yuan ($65,000). Like most Chinese gamblers in Macau, his favorite game was baccarat, a simple card game that involves placing bets against the bank and waiting for the outcome.
It’s the case of a Macau high roller who broke the bank — not the casino, but his own company.
The president of the Shanghai branch of a state-owned company went on trial Wednesday on charges of embezzling company funds to pay off gambling debts, effectively bankrupting it and forcing it to close.
The charges have opened a window on the exclusive and luxurious VIP rooms at casinos in Macau, which surpassed Las Vegas last year to become the top gaming destination in the world.
Hu Jianping, president of the Shanghai subsidiary of state-owned China National Light Industry (Group) Corp., known as Sinolight, allegedly misappropriated 25 million yuan ($3.25 million).
Of this, the authorities said they were able to determine that he used 16.39 million yuan ($2.13 million) to pay off debts he owed to the Lisboa casino, operated by Macau gaming tycoon Stanley Ho. The rest remains missing.
Hu is alleged to have completely drained the coffers of the Shanghai subsidiary, causing it to full story