Embattled online gambling operator Jack Lam has sold his controlling stake in Jimei International Entertainment Group Ltd, the Hong Kong-listed junket investment company announced on Wednesday.

Jimei International disclosed in a filing that the deal, which took place last April 7, involved a maximum consideration of HK$443.2 million (US$57 million) for Lam’s 65.05 percent stake. It will be divided into two batches: the first, totaling HK$222 million, was already settled, while the second batch, which amounts to HK$221.2 million, will be paid on January 5, 2018.

Under the deal, the amount for the second batch of payment may be adjusted downward if Jimei International “is unable to recover part of its outstanding receivables,” estimated to be at HK$227 million, at the end of 2017.

Lam’s company, Reach Luck International Ltd, has been identified as the seller in Jimei International’s filing, but the document did not mention if the beleaguered junket tycoon will keep any shareholding in Jimei International after deal is finalized.