Lim Kok-tai, CEO of Genting Hong Kong, resigns as chairman

Petition addressed to: Committee on Petitions (Petitionsausschuß)

Casino cruise ship operator Genting Hong Kong Inc. said its chairman and CEO, Lim Kok Thay, has resigned since Friday, Jan. 21. Lim is currently the head of Genting Group's founding dynasty.

Genting Hong Kong said in a filing with the Hong Kong Stock Exchange on Monday that Lim was no longer the company's executive director, and that the group's remuneration committee and nomination committee members had also quit.

The move comes after a Bermuda court on Thursday approved the appointment of a joint interim liquidator for Genting Hong Kong to restructure the group's debt and allow it to "continue as an ongoing concern." The interim liquidator was authorized to "exercise the power to manage business operations" by the Hong Kong-listed company and to support the company "developing and proposing the group's financial debt."

Colleen Au Phuk Yudo, deputy leader and group president and executive director of Genting Hong Kong, resigned from Friday, according to a filing Monday.

Genting Hong, part of Malaysian conglomerate Genting Bhd, controls Dream Cruise, Crystal Cruise and Star Cruise brands. Cruise groups are struggling with the impact of the COVID-19 pandemic on their travel and shipbuilding businesses.

Last week, Genting Hong Kong asked a Bermuda court to close the company and said it expected most operations to be suspended. U.S.-based Crystal Cruises has already suspended sea travel until April 29, while river cruises have been suspended until the end of May.

Earlier this month, Genting Hong Kong said insolvency at its controlled German shipbuilding company would "trigger cross-debt incidents under certain financing arrangements of the group," comprising a total of just over $2.77 billion.

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