Landing expects to recover majority of stolen $13.4m

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Landing expects to recover majority of stolen $13.4m

Landing International Development Ltd says it expects to recover at least KRW13.4bn (US$11.8m) of the KRW14.56bn that was stolen from its South Korean casino.

Landing runs Jeju Shinhwa World on Jeju Island, and in January 2021 informed investors that approximately KRW14.56bn had gone missing from the venue. One week later, Jeju Police announced they had recovered around KRW8.1bn of unidentified cash, potentially connected to an alleged theft by an employee at the company.

Landing has now said that KRW13.4bn of the missing funds has been recovered after three arrests were made by the Jeju Special Self-Governing Provincial Police Agency of Korea. The money is currently being kept in a deposit account of a bank under the name of Jeju Police.

A statement from Landing said: “The seized money is expected to be part of the amount of the group missed as a result of the Incident.

 “The investigation of Jeju Police is still on-going, and it is anticipated that the seized money will be returned to the group after the relevant investigation and/or legal procedures are completed.”

Landing earlier this month announced it expects to report a 3% year-on-year revenue decline for full-year 2020, as well as a 10-20% decline in net loss, with the company’s expected losses largely exacerbated by the casino theft.