GGRAsia – Lim Kok Thay resigns as chairman, CEO of Genting HK

Lim Kok Thay resigns as chairman, CEO of Genting HK

Jan 24, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino cruise ship operator Genting Hong Kong Ltd says its chairman and chief executive, Lim Kok Thay (pictured in a file photo), has resigned with effect on Friday, January 21. Mr Lim is the current head of the Genting group’s founding dynasty.

Genting Hong Kong said in a Monday filing to the Hong Kong Stock Exchange that Mr Lim is no longer an executive director of the company, and has also ceased to be a member of the group’s remuneration committee and the nomination committee.

The move comes after a Bermuda court approved on Thursday the appointment of joint provisional liquidators for Genting Hong Kong, in an attempt to restructure the group’s debts and allow it to “continue as a going concern”. The provisional liquidators have been authorised “to exercise the powers to manage the business affairs” of the Hong Kong-listed firm, and assist the company in “developing and proposing a restructuring of the group’s financial indebtedness”.

According to Monday’s filing, Genting Hong Kong’s deputy CEO, group president and executive director, Colin Au Fook Yew, has also resigned with effect on Friday.

Genting Hong Kong – part of Malaysian conglomerate Genting Bhd – controls the Dream Cruises, Crystal Cruises and Star Cruises brands. The cruise group has struggled with the effects of the Covid-19 pandemic on its excursion and shipbuilding businesses.

Last week Genting Hong Kong asked a Bermuda court to wind up the company and said that it expected most of its operations would cease. United States-based Crystal Cruises has already suspended sea excursions up until April 29, and river cruises up to the end of May.

Earlier this month, Genting Hong Kong had said the insolvency of a German shipbuilding company it controlled would “in turn trigger cross default events under certain financing arrangements of the group,” comprising an aggregate principal amount of just over US$2.77 billion.