The Court of Final Appeal has ruled against an attempt to void a US$370m bank loan.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0South Shore Holdings<\/strong>, the company behind Macau’s\u00a0The 13 Hotel<\/strong>, has failed in its legal bid to nullify a MOP3bn (US$370m) bank loan. <\/p>\n\n\n\n According to a statement from the Court of Final Instance, two directors at South Shore Holdings secured the loan by granting certain rights to a local bank through an authorisation letter. Their subsequent attempt to file for bankruptcy in June 2021 was denied. The directors tried to revoke the authorisation letter despite the bank’s opposition. In response, the bank appointed a new director in September 2021.<\/p>\n\n\n\n In April 2022, the dispute escalated to the Court of First Instance, which ruled in favour of the bank. This decision was then upheld by the Court of Second Instance. Now, the Court of Final Appeal has ruled that the two appellants failed to obtain consent from the bank.<\/p>\n\n\n\n The company was delisted from the Hong Kong Stock Exchange<\/a>\u00a0in February of this year due to its failure to resume share trading.\u00a0In January,\u00a0Peter Coker Jr.<\/strong>, a former executive director and chairman of South Shore Holdings, was\u00a0arrested in a hotel room<\/a>\u00a0in a joint operation between Thai police and the FBI after US authorities issued an arrest warrant. He was accused of\u00a0hiring stock traders to manipulate the company\u2019s stock price<\/strong>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" The Court of Final Appeal has ruled against an attempt to void a US$370m bank loan.<\/p>\n","protected":false},"author":176,"featured_media":26856,"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, owner of Macau's The 13 Hotel, has failed in its final appeal to nullify a US$370m bank loan, leading to its delisting from the Hong Kong Stock Exchange. This legal defeat follows a series of corporate governance issues, including an executive's arrest for alleged stock manipulation.","focusai_entities":"South Shore Holdings, The 13 Hotel, Court of Final Instance, Court of First Instance, Court of Second Instance, Court of Final Appeal, Hong Kong Stock Exchange, Peter Coker Jr., Thai police, FBI, US authorities","focusai_location":"Macau, Hong Kong, Thailand, US","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Macau Market Impact","query":"What are the broader implications of South Shore Holdings' financial collapse and The 13 Hotel's operational struggles for investor confidence and future integrated resort development in the Macau gaming vertical?"},{"label":"Corporate Governance Lessons","query":"How does the Court of Final Appeal's ruling and the subsequent delisting of South Shore Holdings underscore the critical importance of robust corporate governance frameworks and board oversight in publicly traded iGaming and hospitality entities?"}],"footnotes":""},"categories":[16338,439],"tags":[1720],"class_list":["post-777010899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legal-news","tag-the-13-hotel"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010899","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=777010899"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010899\/revisions"}],"predecessor-version":[{"id":777041006,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010899\/revisions\/777041006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26856"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}