This article first appeared in The Edge Financial Daily on November 9, 2017 - November 15, 2017

KUALA LUMPUR: Joey Lim Keong Yew (pic) — oldest son of the late Datuk Lim Tee Keong — who is embroiled in several legal disputes with his uncle Tan Sri Lim Kok Thay, the president and chief executive of Genting Bhd, said he found it “strange” that his uncle and cousin (Kok Thay’s son) Lim Keong Hui have surfaced as the controlling shareholders of Genting.

Tee Keong and Kok Thay are both sons of the late gaming tycoon Tan Sri Lim Goh Tong who passed away in October 2007. Goh Tong’s wife Puan Sri Lee Kim Hwa passed away in August this year. Her demise led many to speculate who would inherit the Genting empire.

“At this juncture, it’s not proper for me to make a comment. I’m in the dark as to why the control [was secured] a few days ago … It’s just very strange to me,” Keong Yew told The Edge Financial Daily yesterday.

On whether he is planning to contest the matter, Keong Yew added: “We’re still very much in the dark, we still have a lack, a very, very huge lack of information, at this moment. So it’s premature for me to say whether we will contest it.”

Keong Yew controls a 31.8% stake in Australia-listed casino operator Donaco International Ltd, and has an additional 17.4% jointly held with his brother Benjamin Lim Keong Hoe. Donaco has two main assets, the first being casino-cum-hotel the Star Vegas in Poipet, Cambodia, the second the Aristo International, a hotel with an adjoining casino in Lao Cai, Vietnam.

On Monday, via a Bursa Malaysia announcement, Genting said Kok Thay and executive director Keong Hui held 42.62% equity interest or 1.63 billion shares in the gaming giant, as the shares held by Kien Huat Realty Sdn Bhd, Golden Hope Ltd and Inverway Sdn Bhd were held in trust for the two.

The Genting announcement added that the father and son duo were beneficiaries of the trusts, and that they, upon review of Sections 8(2) and 8(4) of the Companies Act 2016, and based on a legal opinion, had reasonable grounds to believe that effective from Nov 3, they had deemed interest in the Genting shares owned by Kien Huat Realty, Golden Hope and Inverway.

Via their 42.62% stake in Genting, Kok Thay and Keong Hui also surfaced as controlling shareholders of Genting Plantations Bhd with a 50.67% stake, and 49.37% in Genting Malaysia Bhd, both units of Genting. Other assets under Genting include a 52.9% stake in publicly traded Genting Singapore Ltd and Genting Energy Ltd, among others.

Last month, sister publication The Edge Malaysia weekly ran an interview with Gerard Lim Ewe Keng, a general manager at Kien Huat Realty, who said Goh Tong had left Genting to Kok Thay via a trust. Goh Tong and his wife Lee had six children — three girls and three boys — namely Lim Siew Lay, Lim Siew Lian, Lim Siew Kim, Tee Keong, Kok Thay and Datuk Lim Chee Wah.

But Kok Thay and his younger brother Chee Wah are at odds with the family of the late Tee Keong, who passed away a bankrupt in April 2014. Tee Keong’s children Keong Yew, Keong Hoe and Marie Lim Seok Leng have several suits in court against their uncles.

One such suit was filed in June this year, where Keong Hoe is seeking to rescind or set aside a power of attorney purportedly given to Kok Thay and Chee Wah, by his grandmother Lee. The power of attorney purportedly conferred the two sons — Kok Thay and Chee Wah — with wide powers.

In other suits, Keong Yew and Seok Leng alleged issues with their father’s will and questioned them being left out of a trust left behind by their grandfather.

Against this backdrop, Kok Thay and Keong Hui emerged as controlling shareholders of Genting. Following the announcement, Genting shares climbed 5.4% higher to RM9.35 on Tuesday, boosting the gaming group’s market capitalisation by RM1.8 billion to RM35.8 billion. It slipped 18 sen or 1.93% yesterday to settle at RM9.17, trimming its market value to RM35.32 billion.

Genting Malaysia slipped 12 sen to close at RM5.18 yesterday, for a market capitalisation of RM30.76 billion. Genting Plantations ended the day at RM10.74, up four sen, which translated to a market capitalisation of RM8.60 billion.