Hong Kong businessman Lo Kai Bong trying to lift Ukrainian sanctions by selling assets in Russia
Photo: Hong Kong businessman Andrew Lo Kai Bong (Getty Images)
Millionaire Andrew Lo Kai Bong, a Hong Kong citizen, is attempting to lift Ukrainian sanctions imposed on him, states director of the Center for Research on Civil Society Problems, Vitalii Kulyk.
According to him, Lo Kai Bong fears additional sanctions may be imposed by the European Union for his involvement in Russian business development.
He was added to the sanctions list on March 10, 2023, when President Volodymyr Zelenskyy implemented the National Security and Defense Council's decision to apply sanctions to certain individuals. The new list included 120 foreign nationals subject to personal economic and other restrictive measures.
Lo Kai Bong had several interests in Ukraine in the gambling sector but did not manage to expand his activities significantly. However, in Russia, Lo Kai Bong, through his controlled enterprises, primarily the casino operator LET, owns various assets, is developing an entertainment complex in Russia's Primorye, including a hotel and casino, and is starting to build a business center in Vladivostok.
More than $100 million has already been invested in developing the Russian casino. In an interview with The Standard, Lo described his business in Russia as one of his main ventures, calling the casino "a goose that lays golden eggs."
However, concerns about the possibility of sanctions being imposed in the EU and the US have led the businessman to seek ways to lift the Ukrainian sanctions, the expert notes.
In early 2024, there were public announcements regarding the sale of Russian assets. However, the deal came under the scrutiny of the Hong Kong Securities and Futures Commission (SFC), which suspended the trading of shares of two companies, LET Group Holdings Limited (LET) and Summit Ascent Holdings Limited (Summit Ascent), and initiated an investigation.
