In a significant development, Macau’s Court of First Instance is set to auction off assets belonging to former junket boss Alvin Chau, including 34 properties, in an effort to recover compensation for crimes Chau was convicted of. The auction, scheduled for October 22, 2024, features a reduced asking price of approximately MOP$300 million (US$37.3 million) to attract more buyers.

Macau Court to Auction Alvin Chau’s Assets as Part of Ongoing Legal Settlement

Auction Details and Asset Breakdown

The auction will include:

• One Parking Space: Priced at roughly MOP$1 million.
• Thirty Parking Spaces: Each valued at around MOP$1.1 million.
• Three Commercial Buildings: Valued at approximately MOP$50 million, MOP$66.4 million, and MOP$159 million respectively.

This follows an earlier auction in February, where 31 parking spaces and five commercial properties in Taipa were sold, raising a total of MOP$600 million.

Legal Background and Compensation Efforts

The sale of Chau’s assets is part of a larger effort to settle compensation owed to the Macau Government, amounting to about HK$25 billion (US$3.2 billion). Chau was found guilty of serious charges including criminal association, illegal gambling, and money laundering.

Alvin Chau was arrested in 2021 and is currently serving an 18-year prison sentence. His appeal to Macau’s Court of Final Appeal in early July was rejected.

Broader Context of Asset Auctions

Chau is not the only former junket operator whose assets are being auctioned by Macau’s courts. Chan Yan Hung, an ex-junket manager convicted of embezzlement from a VIP room at L’Arc Macau in 2016, also had his assets worth HK$100 million auctioned off by the Court of First Instance.

Strategic Implications for the Market

The auction of Chau’s assets not only represents a significant legal and financial maneuver but also highlights Macau’s ongoing efforts to address corruption and recover financial losses associated with illegal gambling activities. The reduction in the asking price aims to enhance the attractiveness of the assets and expedite the recovery process.

FAQs About Alvin Chau’s Asset Auction in Macau

1. When is the auction of Alvin Chau’s assets scheduled?

The auction of Alvin Chau’s assets is scheduled for October 22, 2024.

2. What assets will be auctioned off?

The auction will include 34 properties owned by Alvin Chau, which comprise:

• One parking space priced at approximately MOP$1 million
• Thirty parking spaces each valued at around MOP$1.1 million
• Three commercial buildings valued at roughly MOP$50 million, MOP$66.4 million, and MOP$159 million respectively

3. What was the reduced asking price for the assets?

The total reduced asking price for Alvin Chau’s assets is approximately MOP$300 million (US$37.3 million).

4. What is the purpose of the auction?

The auction aims to recover compensation owed to the Macau Government, totaling about HK$25 billion (US$3.2 billion), for the crimes Alvin Chau was convicted of, including criminal association, illegal gambling, and money laundering.

5. What were the outcomes of previous asset auctions involving Alvin Chau?

In February 2024, an earlier auction sold 31 parking spaces and five commercial properties in Taipa, raising a total of MOP$600 million.

6. What is Alvin Chau’s current legal situation?

Alvin Chau was arrested in 2021 and is currently serving an 18-year prison sentence. His appeal to Macau’s Court of Final Appeal in early July was rejected.

7. Are there other former junket operators whose assets are being auctioned?

Yes, Chan Yan Hung, an ex-junket manager accused of embezzlement from a VIP room at L’Arc Macau in 2016, also had his assets worth HK$100 million auctioned off by the Court of First Instance.

8. What is the significance of these asset auctions?

The asset auctions are part of Macau’s broader efforts to address corruption, recover financial losses related to illegal gambling activities, and reinforce legal and financial accountability.

9. How does the auction process contribute to Macau’s legal and financial environment?

The auction process helps recover significant amounts owed to the government, supports legal proceedings against high-profile figures involved in illegal activities, and underscores Macau’s commitment to combating corruption and financial crime.