Lim, a descendant of the family that founded Malaysian casino giant Genting, has been on sick leave since Dec. 6 from his position as managing director and CEO of Donaco.
Lim and his brother, Ben Lim Kyung-hoe, non-executive director of Donaco, held a 41.13 percent stake in Donaco as of the day, according to the company’s fiscal year report filed in October.
In early March, the company told the Australian Stock Exchange that shares worth a 27.25% stake in Donaco, previously controlled by the Lim family, were now in the hands of others. The filing does not explicitly state whether any of those shares were previously held privately by the Lim brothers or by investment vehicles related to the Lim family.
Joey Lim remains on the Donaco board as a non-executive director, according to a filing on Tuesday.
Ben Lim “remains as interim managing director and CEO at this time,” the filing added.
The regulatory release added: “The Board will begin the recruitment process to recruit permanent CEOs.”
Donaco has been in dispute with several Thai businessmen who previously owned a Star Vegas resort and club in Poipet, Cambodia. The border facility has specialized in serving customers in neighboring Thailand, where casino gambling is illegal.
Donaco claimed the trio of Thais were running two competing casinos in violation of a valid agreement. Donaco filed the dispute with arbitrators in Singapore and has been open to Australian courts about the dispute.
Donaco lost after paying A$124.5 million ($88.4 million) in taxes in the fiscal year ended June 30, taking into account the non-cash impairment cost of A$143.9 million in the value of Star Vegas’ license, a result of the ongoing dispute.
On Feb. 28, Donaco announced it had narrowed its first-half 2019 loss to A$36.8 million in the six months ended December 31, 2018, compared with a net loss of A$133.8 million a year earlier.
“The Board continues to pursue legal proceedings to enforce its legal rights against Thai suppliers and receive financial compensation for losses incurred,” the company filed on Feb. 28.
Donaco also operates the Aristo International Hotel, a casino hotel property in northern Vietnam, near the border with China.
BY: 슬롯머신