A court in New South Wales, Australia, has extended an order banning the sale of shares of three Thai shareholders of Australian listed casino operator Donaco International Inc.
Donaco told the Australian Stock Exchange on Friday that the New South Wales Supreme Court had extended the order until Nov. 2.
The company informed the stock exchange on April 3 that the order prohibits shareholders or their representatives from selling their shares or otherwise disposing of them until the Singapore arbitration, initiated by Donaco, is over, and from paying damages. Donaco is seeking US$120 million in damages.
Donaco says the three shareholders each held Thai and Cambodian passports. The company identified three shareholders by Thai name: Sombun Sukaroenkraisri, Tekatut Sukaroenkraisri and Bhubacis Tsaiarunrose.
Donaco says it owned about 148 million shares of the company, or about 17.9% of its issued capital. The trio sold the Star Vegas casino in the Cambodian city of Poipet, near the Thai border, to Donaco for US$360 million in 2015.
Friday’s filing did not specify the nature of the dispute. However, a separate Donaco filing said the company had signed an agreement with Star Vegas’ Thai supplier since September 2016 to oversee Star Paradise, a neighboring property managed by the same Thai supplier.
In mid-September 2017, Donaco said it had issued a “stop and abolish” letter to people on the Thai supplier’s side. Donaco claimed it was still running Star Paradise, ignoring the non-compete agreement, even though Donaco’s own Star Paradise operating contract expired and was not renewed.
In late December, a Cambodian court announced an interim injunction application to shut down Star Paradise. According to Donaco’s ASX filing related to the order, a Cambodian court gave the defendants the option of delaying the execution of the injunction by placing a deposit of US$360 million. 카지노사이트
Donaco uses its patchwork approach to regulation in Southeast Asia to generate most of its gaming revenue. Star Vegas attracts many customers from Thailand, where casinos are banned. The Aristo International Hotel in Vietnam, near the Chinese border, attracts mainland Chinese players, with the exception of Macau, where casino gambling is illegal.