It has been announced that veteran Macau junket investor Jack Lam will no longer take over as chairman of the Jimei International Entertainment Group.
The change took effect immediately, with Rahm stepping down as executive director, with Jan Xu replacing Rahm as chairman of the Jimei International board on May 31, and Jan Xu as executive director from May 11.
The board of directors will also change at Jimei International as Luo Lei will take over as CEO, and Chui Kin Ming will resign as executive director. Three non-executive directors resigned from the board, including Kwok Chi Chung, president of the Macau Game and Entertainment Promoters Association.
Rahm's resignation and board changes came shortly after Rahm's deal to sell his controlling stake in Zimei International to Cosmic Leader Holdings. The deal was made on April 7 and Lam holds a 65.05% stake, taking into account up to HK$443.2 million.
Yan owns Cosmic Leader, the remaining 20% is managed by Chen Hong, and Chen Hong held a 0.04% stake in Jimei International. Cosmic Leader has said in the past that it plans to retain Jimei International's listing on the Hong Kong Stock Exchange and aims to continue its existing business within Jimei International.
Lam is a veteran Macau junket investor currently involved in the City of Dreams Macau junket business through privately owned company Jimei Group. The group is also responsible for Jimei Casino, located next to the Grand Lapa Hotel, under the SJM Holdings game license.
Rahm was affected by gambling changes implemented by Philippine President Rodrigo Duterte, who ordered the Port IIOCAND Hotel & Casino in Laoag City to seize investors' gaming assets in a country related to the failure to pay taxes. The investor left the country after being arrested and has not returned. Duterte decided to order Lam to be arrested on charges of economic obstruction and bribery, but later decided that Lam could continue to run the local game if he paid the necessary fines and obligations of delinquent taxes.