{"id":7214,"date":"2020-06-11T20:25:44","date_gmt":"2020-06-11T20:25:44","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=7214"},"modified":"2026-04-24T04:31:33","modified_gmt":"2026-04-24T07:31:33","slug":"tom-lau-south-shore-holding","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/tom-lau-south-shore-holding","title":{"rendered":"Tom Lau steps down as director of South Shore"},"content":{"rendered":"\n

Lau’s resignation was requested by one of the holding\u2019s biggest stakeholders, Global Allocation Fund.<\/p>\n\n\n\n\n\n\n\n

Macau.- South Shore Holdings has announced the resignation of deputy chairman and executive director Lau Tom Ko Yuen.<\/p>\n\n\n\n

His resignation had been requested by Global Allocation Fund, which owns over 101 million shares in the company, without formally providing its reason, IAG reported.<\/p>\n\n\n\n

South Shore was obligated to hold a special general meeting to vote on the request.<\/p>\n\n\n\n

The resignation comes only days after former CEO and non-executive director Walter Power also stepped down<\/a><\/em><\/strong>.<\/p>\n\n\n\n

On both occasions, the company stated the resignations were \u201cin order to devote more time to personal commitments.\u201d<\/p>\n\n\n\n

In the last year, South Shore applied to its bank for a \u201cstandstill\u201d in order to prevent enforcement of security over its primary asset, THE 13 Hotel in Macau, and the company’s liquidation after its bank issued a demand for immediate payment of HK$2.48billion owed under a credit agreement.<\/p>\n\n\n\n

Even before the recent pandemic, the hotel, which remains closed due to lockdown had been suffering bigger loses than expected.<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Lau’s resignation was requested by one of the holding\u2019s biggest stakeholders, Global Allocation Fund.<\/p>\n","protected":false},"author":2,"featured_media":7216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"South Shore Holdings announced the resignation of Deputy Chairman Lau Tom Ko Yuen, requested by major stakeholder Global Allocation Fund, following the earlier departure of former CEO Walter Power. These leadership changes occur amidst significant financial distress for South Shore, including a HK$2.48 billion debt demand, a \"standstill\" application, and ongoing losses from its primary asset, THE 13 Hotel in Macau.","focusai_entities":"South Shore Holdings, Lau Tom Ko Yuen, Global Allocation Fund, IAG, Walter Power, THE 13 Hotel","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.8), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Standstill Agreement Terms","query":"What are the specific covenants and conditions of the 'standstill' agreement South Shore Holdings sought, and how do they impact the immediate enforceability of the HK$2.48 billion credit demand?"},{"label":"Governance & Turnaround","query":"Beyond the stated 'personal commitments,' what underlying governance failures or strategic disagreements precipitated the successive resignations of key executives, and what is the board's revised strategy for addressing the company's severe liquidity crisis?"}],"footnotes":""},"categories":[157,16338],"tags":[],"class_list":["post-7214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7214","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=7214"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7214\/revisions"}],"predecessor-version":[{"id":21239,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7214\/revisions\/21239"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/7216"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=7214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=7214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=7214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}