Tuesday, August 16, 2022

New Silkroad receives Jeju District Court summons


HK-listed New Silkroad Culturaltainment Ltd has received a summons from the Jeju District Court for an alleged violation of the Tourism Promotion Act.

According to the filing to the Hong Kong Stock Exchange on Monday,  the company received the summons due to an indictment brought by the Jeju District Prosecutor Office who alleges the company engaged in “outsourcing management of slot machines ...with Global Game Co. Ltd signed on March 10,  2013, allegedly in violation of the Tourism Promotion Act.”

After receipt of the notification of indictment from Golden Beach, which is 72 percent owned by New Silkroad Culturaltainment Ltd, the company announced it has engaged its Korean lawyers to prepare for the defence.

“After making preliminary assessment, the board considers that the indictment would not have a material adverse impact on the business and operation of Golden Beach,” added the company in the filing.

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