S. Korean police hunt for Malaysian woman after US$13mil vanishes from casino resort

The employee in charge of the funds was a Malaysian national, who did not return to work after going on vacation at the end of December. - SHINHWAWORLD.COM

SEOUL (Bloomberg): South Korean police are on the hunt for a female casino executive who disappeared after her employer discovered 14.6 billion won (US$13 million) in cash missing from the resort's coffer.

Hong Kong-based Landing International Development, which operates Jeju Shinhwa World, disclosed in a statement on its website that it was unable to reach the employee, who was in charge of the casino funds.

Landing's shares in Hong Kong plunged 7.6 per cent to a record low on Monday (Jan 11) before rebounding 6.4 per cent on Tuesday.

Jeju Provincial Police Agency confirmed that the probe is under way at its anti-corruption team, but declined to elaborate.

Jeju, an island off the southern coast of South Korea, is a popular tourist destination dotted with foreigners-only casinos.

The employee in charge of the funds was a Malaysian national, who did not return to work after going on vacation at the end of December, Yonhap News Agency reported.

The missing funds -- all in cash -- would be too heavy and bulky at about 280kg for one person to carry out of the casino, let alone transport off the island.

Police secured surveillance camera footage from the casino, but the video around the time the funds may have disappeared was erased, according to Yonhap.

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