Family dispute over Donaco shares heats up

Tuesday 30th of May 2017

Genting chairman and CEO Lim Kok Thay has filed an affidavit against two of his nephews, Joey Lim Keong Yew and Benjamin Lim Keong Hoe, disputing their combined 49.2 percent share in Australia-listed Donaco International Ltd., The Edge Malaysia reports.

Joey Lim is the managing director and CEO of Donaco International Ltd, while Benjamin Lim is a non-executive director, and a major shareholder of Genting Development Sdn Bhd.

The affidavit contests that Joey and Benjamin, grandsons of the late Lim Goh Tong are not listed as beneficiaries in their father's will, the late Lim Tee Keong.

It is understood that their grandfather, Lim Goh Tong, who died in October 2007, had funded the Aristo International Hotel, according to a court document.

Donaco is the operator of the Star Vegas Resort and Club in Poipet and the Aristo International hotel in Vietnam.

According to Donaco’s annual report for the year ended June 2016, Keong Yew controlled 31.8 percent of Donaco, while 17.4 percent was jointly held with Keong Hoe.

It is understood that the relationship between uncle Kok Thay and his nephews turned sour after Keong Yew and his two siblings found out they had been removed as beneficiaries of the Tee Keong Family Trust, set up by Goh Tong in 1990.

Bricks & Mortar Movers & Shakers Court case Shareholder Dispute Affidavit