The panel ordered OL Master (Singapore Fund 1) Pte Ltd - a company called "OCP" for short - to invest a 9.71% stake in Donaco acquired between Dec. 7 and Dec. 31.
The regulator's announcement was filed by Donaco on the Australian Stock Exchange on Tuesday morning. Earlier in the day, Donaco announced a suspension of trading.
The transition team said in its announcement on Tuesday that OCP had already been a senior secured creditor of the company controlled by Donaco's former CEO and current non-executive director Joy Lim Geng Yu, and Lim's business was already in default of its credit deal with OCP in December.
Such a credit relationship fell just short of US$34.3 million through a senior secured bond issued by Total Alpha Investments Ltd, a vehicle entirely controlled by Mr. Joey Lim, in May 2017. OCP's collateral in the bond transaction was the right to vote on a 27.25% stake in Donaco.
The transition team did not say in its announcement why Imjoy was trying to raise the cash.
In mid-December, Donaco told the exchange it was considering what to do about its $39.9 million debt to Taiwan's Mega International Commercial Bank Co Ltd, which it secured against Donaco's Star Vegas resort and the club's assets in Poipet, Cambodia.
Donaco said in a March 4 filing that the change in control of Donaco's 27.25% stake referred to by the transition committee on Tuesday could be considered a "change in control" under the terms of Megabank's loan agreement.
Donaco has been in dispute with several Thai businessmen who previously owned Star Vegas resorts. The border facility has specialized in serving customers in neighboring Thailand, where casino gambling is illegal.
Donaco lost after paying A$124.5 million ($88.4 million) in taxes in the fiscal year ended June 30, taking into account non-cash impairment costs of A$143.9 million in the Star Vegas licence value, a result of the ongoing dispute. At the end of February, the company said it had reduced losses for the six months ended December 31, 2018.
BY: 슬롯사이트
