NagaCorp founder son Chen Cherchi terminated in exec role

May 17, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck  

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One of three sons of NagaCorp Ltd’s late founder Chen Lip Keong, appointed to a chief executive role there in April 2022, has had his employment terminated at the casino group with effect from Thursday, the firm said in a filing to the Hong Kong Stock Exchange after trading hours that day.

According to the filing, the departure of Chen Cherchi from the role of CEO – finance and treasury involved “possible disagreement” between the outgoing executive and the firm over his contract termination.

NagCorp has a long-life casino monopoly for the Cambodian capital Phnom Penh, where it runs the NagaWorld complex (pictured).

The filing stated: “Apart from possible disagreement over the termination of his employment by the board, [Chen] Cherchi has no other disagreement with the board, and there is no other matter which needs to be brought to the attention of the shareholders of the company.”

The filing added the departing executive “will no longer hold any position with the company or its subsidiaries”.

The company said the move “will not have any material impact on the operations of the group”.

It added NagaCorp would “continue the group’s business operations by adhering to the business strategies laid down by the board.

“The senior management will work as a team to lead and manage the group” to bring it to “the next level of success”, it stated.

The departing executive’s father, Chen Lip Keong, died in December last year. Prior to his death, a succession plan saw three sons appointed to joint CEO roles at NagaCorp.

First-quarter casino gross gaming revenue at NagaCorp Ltd rose 23.7 percent year-on-year, to nearly US$145.4 million, according to a non-statutory filing to the Hong Kong bourse in early April.

In February NagaCorp said it was looking to reduce the US$700-million budget for the podium at Naga 3, an extension project at NagaWorld.

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