Wednesday, August 17, 2022

Lim brothers ousted from Donaco board


Shareholders in Australia-listed Donaco International have voted overwhelmingly to remove  founders Joey Lim Keong Yew and his brother Benjamin Lim Keong Hoe from its board of directors. 

According to a filing to the Australian Stock Exchange, 93.9 percent of votes cast were in favour of removing Joey, while 93.3 percent voted in favour of removing Benjamin.

Joey, who was CEO, took a leave of absence from the company in December and told Malaysian newspaper The Edge that he took the decision because he was going through a “bitter divorce” and was unable to concentrate on his corporate duties. He was terminated from his position in March this year.

He was succeeded on a temporary basis by Benjamin until June when Paul Arbuckle was appointed as CEO. With more than 30 years in the gaming business, Arbuckle was most recently chief operating officer at The Star Gold Coast.

The Lims are grandsons of Genting Group founder Tan Sri Lim Goh Tong.

Recently, a Hong Kong-based hedge fund with links to a Thai billionaire acquired a 19 percent stake in Donaco from receivers handling Joey’s shares. 

Donaco operates the Aristo International hotel and casino in northern Vietnam and the Star Vegas property in Cambodia. 

 

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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