Development of our free US$1 billion Manila hotel and casino project will continue as planned, although the free arrest of President Alvin Chau this week , according to the group Phi Subsidiaries. In response to inquiries from Philippine Securities, Holding Development Inc., which is 51% owned by Free, said "it is not expected that the matter surrounding Mr. Chau... will have any material whether directly adversely impact the financial position, business operations," of the company. "The organization currently has no commercial activities and construction of the 5-star hotel and casino complex is proceeding as scheduled. "At this time, notice, the above developments are not expected to have a material impact on the world of construction." The organization added that it is boasting coins and equivalents of around Php7. 7 billion (US$152.8 million) to support immediate, construction and work capital requirements. Chau was arrested by Macau authorities on Satur...
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