Genting Hong Kong files for liquidation

Genting Hong Kong is preparing to file for liquidation after failing to secure US$88m funding to help it survive.

The company’s failure follows the insolvency of its German ship-building subsidiary and it is expected that the filing will happen this week, according to reports in The Straits Times. 

A German court had rejected an application that could have provided Genting Hong Kong’s ship-building subsidiary, MV Werften, with access to the extra funding.

The common link between Genting Hong Kong and the major casino group is its largest shareholder, Lim Kok Thay (pictured).

He has a 76 per cent stake in Genting Hong Kong, but the Genting group companies listed in Malaysia and Singapore have no cross shareholding with Genting Hong Kong except for Lim being a common shareholder in all three.