GGRAsia – Donaco states CFO exit, names Gordon Lo successor

Donaco states CFO exit, names Gordon Lo successor

Dec 30, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

Australia-listed boutique casino operator Donaco International Ltd says the firm’s chief financial officer, Chong Kwong Yang, is leaving the company “after six years of service”.

The company has appointed Gordon Lo as its new CFO with effect from January 1, according to a filing on Monday to the Australian Securities Exchange. Mr Lo was until recently the CFO of China Ruifeng Renewable Energy Holdings Ltd, an investment holding company listed on the Hong Kong Stock Exchange.

Mr Chong will remain “in his role until the completion of a handover period,” said Donaco. The company did not disclose the length of the transition period.

Monday’s filing quoted Donaco’s chief executive Paul Arbuckle as saying: “We would like to thank Chong Kwong Yang for his six years of dedicated service with Donaco and wish him all the best for his future career.”

He added: “I also welcome Gordon Lo to the [CFO] role and look forward to working with him.”

Mr Arbuckle in early December tendered his resignation as Donaco’s CEO, after only six months at the helm. His final day with the company is expected to be June 4, 2020.

Donaco’s flagship venue, Star Vegas Resort and Club (pictured), is located in Poipet, Cambodia, near that nation’s border with Thailand. In Vietnam, the group runs the Aristo International Hotel and accompanying casino, which mainly serves players from neighbouring mainland China.

Trading in Donaco shares had been suspended on December 2, pending the “appointment of sufficient directors” as required by Australia’s Corporations Act, which demands a minimum of two Australian resident directors. On December 9, the company announced the appointment of two new directors, including a new chairman.

The new appointments came after a Donaco annual general meeting on November 29 that was designed to air a request by some minority investors for a clearout of the board. It resulted in a number of board candidates proposed by the management being rejected in a vote, and the removal of the previous chairman, Stuart McGregor.