Investor in Ho’s Russian project is detained

Oleg Drozdov, one of the investors in a project to develop a gaming resort in the Primorye region of Russia, has been detained following allegations of business malpractices relating to the construction of a waste treatment facility in 2009/2010, local media said. Drozdov is an indirect minority shareholder in Oriental Regent, an investment holding company that owns First Gambling Company of the East, which is developing the gaming and resort project in Primorye. Oriental Regent is 46 percent owned by a subsidiary of Summit Ascent, five percent by a subsidiary of Melco International Development, 19 percent by a subsidiary of Firich Enterprise and 30 percent by Elegant City, the reports said.