NagaCorp share award scheme delayed

NagaCorp has announced it will defer its award shares to no later than December due to the voluntary temporary suspension of business in NagaWorld owing to Covid-19 concerns.

Cambodia.- In February, casino operator and developer NagaCorp, which runs the NagaWorld complex in Cambodia, announced the award of nearly 19.23m shares to employees, including the firm’s directors.

Now, the granting of those award shares has been deferred to no later than December due to the current Covid-19 situation.

NagaCorp said it had adopted the share award scheme to “continue to attract skilled and experienced personnel, to incentivise them to remain with the group, and/or to recognise their contribution to the group by providing them with the opportunity to obtain equity interests in the company.”

NagaWorld suspended operations in March after 11 staff members tested positive for Covid-19. The company has since announced close to 600 layoffs, a move that has been highly criticised by unions.

According to local media, workers claims the layoffs are designed to reduce union presence in the workplace.

The government has intervened in the case, with the Ministry of Labour and Vocational Training mediating a meeting between the company and laid-off workers.

The union wants NagaCorp to reverse its lay-off decision, to rehire some of those fired and to increase the enhanced termination compensation for those workers who have already accepted the employer’s severance arrangement.