HONG KONG (Reuters] – After Suncity Group Holdings Ltd’s chairman was detained over alleged cross-border gambling links, shares of the Macau gambling firm plunged to a record-breaking low in resumed trading on Tuesday. The company said he would resign.

Alvin Chau is the founder and chief executive of Suncity, which brings high-rollers to casinos. Suncity extends credit to them, collects their debts, and they are arrested Sunday by Macau police.

Suncity’s stock dropped to a new record low of HK$0.133. It was its lowest point since 2007, when it was listed.

Authorities in Wenzhou in eastern China issued a warrant of arrest for Chau on Friday. He was accused of running gambling operations in China.

One aspect of the investigation concerns Russia’s Tigre de Cristal resort near China’s northeastern border. Summit Ascent Holdings is listed in Hong Kong. Suncity, the controlling shareholder.

Summit Ascent shares fell nearly half off

Suncity claimed late Monday in a statement that Tigre de Cristal had not been involved in cross border gaming, soliciting clients in China.

It added that the company’s operations wouldn’t be affected if it lost Chau’s support.

Macau’s prosecution office stated Monday that the group is also believed to have used Macau’s biggest gambling hub in order to operate an illegal “live betting platform” in Philippines. This was said by the Macau prosecutor’s Office.

Analysts believe Suncity is responsible for about a quarter Macau’s gaming revenue.