Genting Hong Kong's CEO Lim Kok Thay resigns less than a week after cruise operator files to wind up

24/1/2022 1:44:00 PM

Genting Hong Kong's CEO Lim Kok Thay resigns less than a week after cruise operator files to wind up

Genting

Genting Hong Kong's CEO Lim Kok Thay resigns less than a week after cruise operator files to wind up

HONG KONG: Genting Hong Kong\u0027s chairman and CEO Lim Kok Thay has resigned, said the company in a stock exchange filing on Monday (Jan 24). The company\u0027s deputy CEO, Au Fook Yew, has also stepped down. Both resignations, effective Jan 21, come less than a week after the cruise operator filed to wi

The company's deputy CEO, Au Fook Yew, has also stepped down.Both resignations, effective Jan 21, come less than a week after the cruise operator filed to wind up the business after failing to secure funding to pay its debts.The announcement stated that both Lim and Au have confirmed that they have "no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company".

It also said that shareholders, investors and potential investors of Genting Hong Kong"are advised to exercise caution" when dealing in its securities.Trading of its shares has been suspended since Jan 18, and will remain so until further notice.

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How a billionaire’s global cruise empire imploded in Hong KongLim Kok Thay started a cruise ferry and gambling boat business in 1990s Hong Kong and turned it into one of Asia’s biggest cruise operators.

HONG KONG: Genting Hong Kong's chairman and CEO Lim Kok Thay has resigned, said the company in a stock exchange filing on Monday (Jan 24).Copy to clipboard https://str.LinkedIn HONG KONG: Hong Kong leader Carrie Lam on Saturday (Jan 22) warned that COVID-19 infections could be growing exponentially in a congested residential area of the city and that overall cases had also spread due to an outbreak in pet hamsters.LinkedIn HONG KONG: Hong Kong leader Carrie Lam on Saturday (Jan 22) warned that COVID-19 infections could be growing exponentially in a congested residential area of the city and that overall cases had also spread due to an outbreak in pet hamsters.

The company's deputy CEO, Au Fook Yew, has also stepped down. Both resignations, effective Jan 21, come less than a week after the cruise operator filed to wind up the business after failing to secure funding to pay its debts. Financial executives involved in the restructuring efforts at Genting Hong Kong, which is controlled by gaming tycoon Lim Kok Thay, noted that top banks Malayan Banking Bhd, CIMB Bhd and RHB Bhd are among the chief unsecured creditors of troubled cruise operator Genting Hong Kong Ltd, with a combined exposure of US$600 million (S$808 million). The announcement stated that both Lim and Au have confirmed that they have "no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company". Related: Commentary: Backlash over Hong Kong’s hamster cull reveals simmering dissent The situation is testing Hong Kong's"zero COVID" strategy focused on eliminating the disease, with schools and gyms already shut, restaurants closing at 6pm (1000 GMT) and air travel with many major hubs severed or severely disrupted. It also said that shareholders, investors and potential investors of Genting Hong Kong"are advised to exercise caution" when dealing in its securities. Trading of its shares has been suspended since Jan 18, and will remain so until further notice. She said that a second Kwai Chung apartment block, home to more than 2,000 people, would be shut down for five days.

Related: Genting Hong Kong, which is part of Malaysia's Genting Group, reported in May 2021 a net loss of US$1. On Friday, officials shut down a first Kwai Chung building for five days after more than 20 cases were linked to it, with food delivered from outside three times a day and mass testing underway.7 billion in 2020, amid travel restrictions put in place due to the COVID-19 pandemic. It warned earlier in January that it faces potential cross-default amounting to US$2.78 billion, following the Genting Hong Kong owns the Star Cruises and Dream Cruises lines which serve the Asia Pacific region, as well as the luxury Crystal Cruises line based in Miami. Local media reports on Saturday said that officials were considering tighter city-wide restrictions but none have yet been confirmed. Genting's German shipbuilding subsidiary, MV Werften, filed for insolvency in January after it for the completion of its Global One mega-liner.

Source: CNA/ic(gr) .