Cape Verde authorities refuse license request for David Chow’s bank project

Cape Verde’s central bank has rejected a request made by local businessman David Chow for a license to open a bank in the African country, newspaper Ponto Final has reported.

In 2018 Chow announced that he had requested permission to open a bank – Sino-Atlantic Bank – in the country but two years after the licence did not materialise, with a refusal officially made in February of this year. 

According to Bank Cape Verde, the request by Chow’s business group Legend Globe Investment did not include “all the necessary information and documents”, including gaps in the complete identification of the founding shareholders, in the information on qualified holdings, management model, analysis of the project’s viability and in Sino-Atlantic Bank’s company charter.

“It is important to point out that the supervisory authority requested the promoters of the project to provide information and clarifications with a view to addressing the deficiencies found,” the BCV added.

Chow’s company Macau legend is also currently involved in the country’s largest integrated resort, which has also hit its share of snags along the way.

In 2015 the businessman signed an agreement for a global investment of 250 million euros for the construction of a tourist resort on the Santa Maria islet, which will cover an area of ​​152,700 square meters, inaugurating the gaming industry in the archipelago.

The project involves the construction of a property with a 250-room boutique integrated resort, a large swimming pool and several facilities for restaurants, bars and commercial establishments, as well as a marina.

However, a draft addendum to the agreement between the company and the Cape Verdean Government, of April 2019, announced “considering that, in view of the evolution of the national environment of the enterprise in the last two years, the promoter suggested, and the Government understood to accept, a proposal to carry out the investment project in phases ”.

Thus, in this first phase of the project, which should then be completed within 22 months, 90 million euros will be invested.

David Chow received a 25-year license from the Government of Cape Verde, 15 of which on an exclusive basis on the island of Santiago.

This gaming concession cost CV Entertainment Co., a subsidiary of Macau Legend, the equivalent of about 1.2 million euros.

The promoter also received a special license to exclusively explore online gambling across the country and the sports betting market for ten years.

In August of this year the Cape Verde Minister of Tourism, Carlos Santos, also admitted that the COVID-19 pandemic should delay the completion of the hotel-casino.