The billionaire holds 76 percent of the shares in the cruise arm.
(Photo: Bloomberg)
Bangkok Malaysian billionaire Lim Kok Thay has resigned as head of his bankrupt cruise company and MV shipyard owner Genting Hong Kong. The step was taken at the same time as insolvency administrators were appointed to work out a restructuring of the ailing company. As the company reported on the Hong Kong Stock Exchange on Monday, Lim Kok Thay resigned as chairman and chief executive officer effective Friday.
There are “no disagreements” with the board, it was emphasized. In addition, Colin Au has resigned as Vice President and Group President. The company is looking for suitable candidates to fill the positions, the stock exchange announcement said.
Trading in the company’s shares remained suspended on Monday. A court in Bermuda appointed the bankruptcy trustees on Friday.
Two years after the outbreak of the pandemic, which hit the cruise business hard, the liquidation of Genting Hong Kong is a setback for MV shipyards. They had already had to file for bankruptcy on January 10th. The ship “Global One” is being built in Wismar for the cruise company Dream Cruises, which belongs to Genting Hong Kong. It is 75 percent complete. With room for 10,000 passengers, it will be the world’s largest cruise ship.
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70-year-old Lim Kok Thay started the company, now Genting Hong Kong, back in 1993, naming it Star Cruises. Today, the Asian tourism group also operates ships under the Dream Cruises and Crystal Cruises brands, as well as Resorts World Manila (RWM). The main markets were Hong Kong and China.
76 percent of the shares in the cruise arm belong to the billionaire himself. He also operates casinos and resorts in Malaysia, Great Britain, Singapore and the USA with other companies in his conglomerate Genting Group.
More: The owner of the shipyards gets into economic problems due to the bankruptcy of the company. He rejects the federal government’s allegations.