{"id":26884,"date":"2022-02-02T11:04:10","date_gmt":"2022-02-02T14:04:10","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=26884"},"modified":"2026-04-23T11:40:44","modified_gmt":"2026-04-23T14:40:44","slug":"former-genting-hk-ceo-blames-germany-for-companys-fate","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/former-genting-hk-ceo-blames-germany-for-companys-fate","title":{"rendered":"Former Genting HK CEO blames Germany for company’s fate"},"content":{"rendered":"\n

Tan Sri Lim Kok Thay has said that the German government broke its promise to provide capital to MV Werften Holdings Ltd (MVWH), the company\u2019s shipyard in Germany.<\/p>\n\n\n\n\n\n\n\n

Hong Kong.- A few days after\u00a0resigning, Tan Sri Lim Kok Thay<\/a>, former chairman, chief executive officer and executive director\u00a0of Genting Hong Kong, has blamed the German government for the company’s banckruptcy.<\/p>\n\n\n\n

As part of a restructuring deal last year, Germany’s former government agreed to provide an RM2.598bn (US$620m) line of credit to\u00a0help MV Werften Holdings Ltd<\/a>\u00a0continue to build the cruise ship Global Dream. However, when Germany’s new government took office in December, it proposed an alternative arrangement, which Lin described as “unreasonable”, and sought personal guarantees.<\/p>\n\n\n\n

In December,\u00a0Genting HK<\/a>\u00a0said that a company related to Lim had agreed to provide a bridge loan of US$30m as part of a restructuring plan agreed with creditors but Lim said the new German government didn’t allow Genting Hong Kong access to the loan.<\/p>\n\n\n\n

Germany’s economy minister Robert Habeck\u00a0<\/strong>said the government was open to discussing a \u20ac600m (US$678m) rescue plan but wanted Genting HK to provide an additional \u20ac60m plus guarantees for the federal funds.\u00a0<\/p>\n\n\n\n

In a letter sent to Bloomberg, Lim states: “Genting Hong Kong would have survived these compounding Covid \u2018black-swan\u2019 events<\/strong>\u00a0if our contractual parties had honoured their obligations.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Tan Sri Lim Kok Thay has said that the German government broke its promise to provide capital to MV Werften Holdings Ltd (MVWH), the company\u2019s shipyard in Germany.<\/p>\n","protected":false},"author":176,"featured_media":26500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Tan Sri Lim Kok Thay, former chairman of Genting Hong Kong, attributes the company's bankruptcy to the German government's alleged failure to honor a US$620m credit line for its MV Werften shipyard. The new German administration proposed alternative, \"unreasonable\" terms and sought personal guarantees, preventing Genting HK from accessing crucial restructuring funds. This situation highlights significant counterparty risk and governance challenges in large-scale international financing.","focusai_entities":"Tan Sri Lim Kok Thay, MV Werften Holdings Ltd, Genting Hong Kong, German government, Robert Habeck, Bloomberg","focusai_location":"Germany, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.8), operator_casino (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Genting Group?","query":"What are the projected capital market implications for the broader Genting Group following Genting Hong Kong's bankruptcy, particularly concerning its iGaming and land-based casino assets and potential M&A strategies?"},{"label":"Regulatory Precedent?","query":"Does the German government's alleged withdrawal of financial commitment set a precedent for sovereign risk in international corporate restructuring, and how might this influence future cross-border financing and governance frameworks?"}],"footnotes":""},"categories":[157,16338,158],"tags":[23716],"class_list":["post-26884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-genting-hong-kong"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=26884"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26884\/revisions"}],"predecessor-version":[{"id":26891,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26884\/revisions\/26891"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26500"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}