Market Chatter: LET Group Chairman Denies Political Motive in Russia Asset Sale

MT Newswires Live08-01

LET Group Holdings (HKG:1383) Chairman Andrew Lo has dismissed claims that his company's decision to sell its Russian assets was driven by Ukrainian sanctions imposed on him, The Standard reported, citing its sister publication Sing Tao Daily.

Ukrainian news agency RBC Ukraine reported that Lo's decision to sell his stake in G1 Entertainment, the licensee of a gambling resort in Russia, is an attempt to skirt Ukrainian sanctions, the report said.

The proposed sale is pegged at $92.8 million, The Standard reported.

Lo said the decision was not based on the sanctions and called the report baseless. He also said the company will not follow the sanction due to the friendship between Russia and Hong Kong, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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