Police discover mystery US$7.4 million in Landing Casino safe as employee theft scandal deepens

Officers investigating the disappearance of KRW14.56 billion (US$13.4 million) in cash from Landing International Development Limited’s South Korean business have discovered an unidentified pile of cash in a safe totaling KRW8.1 billion (US$7.4 million).

Yonhap News Agency is reporting that the money was discovered in a safe at Landing Casino within Jeju Shinhwa World by investigators from Jeju Provincial Police Agency. However, it is not yet known whether the cash is related to the missing amount first reveled by Landing last week.

Landing had announced via a filing with the Hong Kong Stock Exchange that the US$13.4 million had been found to be missing on Monday 4 January 2021, with the employee in charge of the funds unable to be contacted.

A pile of cash was later discovered by police at the residence of the employee, a female Malaysian executive of Landing. The executive herself is yet to be found.

“We are tracking the whereabouts of the cash and the person in question by checking CCTV footage,” said police, who are also investigating whether or not there were accomplices involved in the theft.

Landing recently reported a loss attributable to owners of the parent of HK$792.2 million (US$102.2 million) for the six months to 30 June 2020 on a 25% decline in consolidated revenue to HK$262.1 million (US$33.8 million).

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