Paul Arbuckle has tendered his resignation as chief executive of Donaco International Ltd, a boutique casino operator running venues in Indochina. The resignation was announced by the firm in a Thursday filing to the Australian Securities Exchange.
“Pursuant to his employment contract, Mr Arbuckle has provided six months’ notice, and accordingly his final day with the company is expected to be June 4, 2020,” said the filing.
No commentary on the reasons for Mr Arbuckle’s departure was given in the company’s filing.
The document quoted the board of the firm stating that Mr Arbuckle had “made a significant contribution to improving the operations of Donaco since joining as CEO in June 2019”.
It added: “The board will now commence an executive search process to replace Paul as CEO, and we appreciate his willingness to continue to assist the company during this transition period.”
The filing also quoted Mr Arbuckle saying he had “enjoyed” is time with Donaco. “I wish the company all the best for the future,” he added, as quoted in the filing.
Trading in the shares of Donaco has been suspended since Monday, pending the “appointment of sufficient directors” as required by Australia’s Corporations Act, which demands a minimum of two Australian resident directors, according to a previous filing from the company.
The firm’s board now consists of three directors, following a board rejig at Donaco’s annual general meeting on Monday, which involved the removal of chairman Stuart McGregor as a director of the company.
Donaco’s flagship venue, Star Vegas Resort and Club, is located in Poipet, Cambodia. In Vietnam, the group runs the Aristo International Hotel (pictured in a file photo) and accompanying casino, which mainly serves players from neighbouring mainland China.
Donaco has been roiled by a number of issues over the past 12 months. They included its long-running dispute with the Thai people that sold the group the rights to run Star Vegas, and the extended leave of absence – for health reasons – of the then chief executive Joey Lim Keong Yew.
In March Mr Joey Lim was sacked as CEO, and in July he and his brother Ben Lim Keong Hoe were dropped as Donaco directors.
More recently, the firm claimed some minority shareholders were trying behind the scenes to shape the membership of the Donaco board.
