Yang Zhihui, chairman of Landing International development Ltd. Source: Landing International Development Ltd. A Chinese tycoon who owns the casino project that made President Duterte go “ballistic” due to what he perceived as an instance of government irregularities in the contract had gone missing after the share prices of the Hong Kong-listed firm plunged almost 20 percent yesterday in the territory’s stock market.

Landing said in a filing to the Hong Kong exchange Thursday that chairman Yang Zhihui could not be found, hours after its share price had crashed 35 percent before being suspended in the morning.

When trading restarted early Friday it dived another 18 percent by the break.

Chinese media said Yang has ties with China’s scandal-ridden bad asset giant China Huarong Asset Management Co. Ltd. and was the target of state investigators.

Hong Kong news site Winmoney reported that Yang was detained at an airport after he arrived in Cambodia Thursday for a visit to a local casino. Chinese news site Caixin said it confirmed the news from separate sources.

“It is unclear which department detained Yang, but Caixin learned that Landing International Development (Landing) has close business ties with embattled state-owned bad asset manager China Huarong, whose former head is under investigation in what may be the country’s largest financial sector corruption case since 1949,” the report said.

Huarong came under the news spotlight after its former chairman and Communist Party chief Lai Xiaomin was investigated and removed for “serious violation of rules and the law.”

Caixin also reported earlier that investigators found 270 million yuan ($39.4 million) in cash at several properties owned by Lai.

Yang, 47, ran a property business on mainland China. He later expanded his business to Hong Kong and casino projects. In 2013, Landing International listed on the Hong Kong main board by acquiring a Shell company. Caixin quoted sources as saying that Yang was very close to Bai Tianhui, former general manager of Huarong’s Hong Kong-listed arm, Huarong International Financial Holdings Ltd. Bai, along with several other Huarong executives. The company officials were reportedly placed under investigation since June.

Business records show Huarong International in 2015 bought a $183 million stake in Telefield Holdings Ltd. from Yang. Telefield is an electronic components manufacturer controlled by Yang. The deal generated more than HK$800 million of net profit for Yang but left Huarong International with a loss of HK$1.15 billion when it sold the stake in 2017.

The report said Landing’s stock has taken a wild ride this year. Its share price surged 50 percent within a week after the company released strong first-half earnings 2 August. Landing International said its first-half revenue more than quadrupled from a year ago to HK$1.75 billion, boosted by a surge of casino revenues.

Landing said in its Thursday filing that the company’s business operations and financial positions have remained normal and that the absence of Yang would not have any material adverse impact on the company.

Presidential spokesman Harry Roque earlier had said the President was like a “fire-breathing dragon” when he announced during a recent Cabinet meeting the sacking of all Nayong Pilipino Foundation Inc. (NPFI) officials for leasing the state firm’s property to Landing Resorts Philippines Development Corp. (LRPDC), a unit of Landing for P75 billion.

“I will not allow it. I hate gambling. I do not want it. There will be no casinos outside of what are existing here,” Duterte said in a speech.

The President ordered a review of the lease just as the project was supposed to break ground.

Mr. Duterte said the terms of the lease agreement were flawed. Yang is the company’s largest shareholder with a 50.5 percent stake. Landing said it was making attempts to contact him.

Landing said in a statement it had “noted the fluctuation in the price and trading volume of shares of the company on 23 August 2018 and confirmed that the company has been unable to contact or reach Mr. Yang Zhihui…since 23 August 2018.”

“To the best knowledge of the board, the business operations and financial positions of the group are normal,” Landing said in its statement to the exchange, adding that the “temporary absence” of Yang would not affect its operations.

“Landing’s board, headed by Ms. Zhou Xueyun, expects that the temporary absence of Mr. Yang would not have any material adverse impact on the day-to-day operations and financial position of the Landing Group,” the company added.

It said the company is in good hands with its senior management team, led by its chief executive officer Mr. Jay Lee, overseeing the daily operation and management of the Landing Group.”