Paradise Entertainment has announced it has entered into a Distributorship Framework Agreement with the brother in-law for Paradise Entertainment’s chairman, according to an announcement to the Hong Kong Stock Exchange.
The agreement with Linyi Feng is for the sales and distribution of gaming products to the companies controlled by Feng for a term of three years from Jan. 1, 2016 to Dec. 31, 2018.
“Mr Feng is the brother-in-law of Mr Jay Chun, the controlling shareholder, the executive director, the chairman and the managing director of the company, and thus a deemed connected person,” said the announcement.
Paradise Entertainment said the move allows the group to access overseas markets, which all require a specific license, and require the engagement of licensed distributors.”
According to the filing, Feng wholly owns the companies which hold the licence for distribution and sales of the gaming products in US and Australia.