Lim steps down at Genting Hong Kong

The fall-out from the liquidation of Genting Hong Kong has seen casino mogul Lim Kok Thay resign from the cruise ship company’s board.

The company – no relation to the Genting casino group apart from Lim’s connection – reported a record US$1.7bn loss in May and has filed for bankruptcy, reports the South China Morning Post.

Lim stepped down as chairman, CEO and executive director of Genting Hong Kong from January 21. He has 76 per cent of the shares in the company. Meanwhile, the US authorities were preparing to seize one of the company’s cruise ships in Miami over unpaid fuel bills.

Lim’s resignation follows the diverting of one of the company’s ships from Miami to end a journey in the Bahamas to avoid a US warrant.
Lim had founded the cruise company in 1993 partially to offset the risks associated with the Malaysian group’s casino operations.

The Hong Kong company’s ship-building subsidiary, MV Werften, filed for insolvency in Germany earlier this month.