Bermuda Court Orders Genting Hong Kong & Dream Cruises to Wind Up Businesses, Majority-owned by Malaysia Billionaire Lim Kok Tay with $2.1 Billion Fortune
14th October 2022 | Hong Kong
The Bermuda court has ordered Genting Hong Kong & Dream Cruises to wind up its businesses (On 7/10/22), months after the bankruptcy of its subsidiary (shipyard in Germany) with $2.8 billion of debt, and with company share trading suspended since 18th January 2022. Genting Hong Kong, majority owned (76%) by Malaysia billionaire Lim Kok Tay (Age 71), was Asia’s largest cruise operator (Dream Cruises, Crystal Cruises & Star Cruises), and owns Resorts World Manila Casino & Resort in the Philippines. Tan Sri Lim Kok Tay is the Chairman of Genting Group, and has a personal fortune of around $2.1 billion. Edward Middleton and Tiffany Wong Wing-sze of Alvarez & Marsal Asia, and Edward Whittaker of R&H Services are the joint provisional liquidators of Genting Hong Kong & Dream Cruises. See below for Gentling Group & Genting Hong Kong info
“ Bermuda Court Orders Genting Hong Kong & Dream Cruises to Wind Up Businesses, Majority-owned by Malaysia Billionaire Lim Kok Tay with $2.1 Billion Fortune “
Genting Berhad is principally an investment holding and management company. While the Company was incorporated in 1968 and listed in 1971, the Genting Group was founded in 1965 when its Founder, the late Tan Sri Lim Goh Tong started the journey to realise his vision of building a mountaintop resort in Malaysia. Led by Tan Sri Lim Kok Thay, the Group is involved in leisure and hospitality, oil palm plantations, power generation, oil and gas, property development, life sciences and biotechnology activities, with operations spanning across the globe
Genting Group
Genting Berhad is principally an investment holding and management company. While the Company was incorporated in 1968 and listed in 1971, the Genting Group was founded in 1965 when its Founder, the late Tan Sri Lim Goh Tong started the journey to realise his vision of building a mountaintop resort in Malaysia. Today, the Genting Group comprises Genting Berhad and its listed companies; Genting Malaysia Berhad (“Genting Malaysia”), Genting Plantations Berhad (“Genting Plantations”) and Genting Singapore Limited (“Genting Singapore”), as well as its principal unlisted subsidiaries Genting Energy Limited (“Genting Energy”) and Resorts World Las Vegas LLC (“Resorts World Las Vegas”).
Led by Tan Sri Lim Kok Thay, the Group is involved in leisure and hospitality, oil palm plantations, power generation, oil and gas, property development, life sciences and biotechnology activities, with operations spanning across the globe, including in Malaysia (the Group’s country of origin), Singapore, Indonesia, India, China, the United States of America, the Bahamas, the United Kingdom and Egypt. In the core leisure and hospitality business, the Genting Group and its brand affiliates, market and offer a suite of products under a number of premier brands including Genting, Resorts World, Genting Grand, Genting Club, Crockfords and Maxims. The Genting Group also have tie ups with established names such as Universal Studios, Premium Outlets, Zouk, Hard Rock Hotel, Hilton and other renowned international brand partners. For more information, please visit www.genting.com
Genting Hong Kong
Genting Hong Kong Limited (“Genting Hong Kong”) is a leading global leisure, entertainment and hospitality enterprise, with core competences in both land and sea-based businesses including Genting Cruise Lines comprising of Star Cruises, Dream Cruises, and Crystal Cruises, along with German shipyards MV Werften and Lloyd Werft, and Resorts World Manila (“RWM”), an associate of Genting Hong Kong.
Headquartered in Hong Kong, Genting Hong Kong has a presence in more than 20 locations worldwide with offices and representation in Australia, China, Germany, India, Indonesia, Japan, Malaysia, the Netherlands, the Philippines, Singapore, Sweden and the United States.
A pioneer in its own right, Genting Hong Kong was incorporated in November 1993, operating its fleet under Star Cruises, to take on a bold initiative to grow the Asia Pacific region as an international cruise destination. Star Cruises has built its reputation on offering first-rate Asian hospitality throughout its fleet consisting of SuperStar Gemini, SuperStar Aquarius, Star Pisces and The Taipan.
Dream Cruises’ fleet of Genting Dream (launched 2016) and World Dream (launched 2017) deliver the highest level of guest service and spacious comfort in the region. Catering to a wide spectrum of consumers in China and Asia, the Dream Cruises experience provides passengers with more choice, comfort and value to create a perfect dream voyage. Explorer Dream, launched in March 2019, will further fuel Dream Cruises’ global aspirations while production has also started in Germany on two new Global Class ships including Global Dream and her sister ship.
Crystal’s award-winning fleet of brand experiences has been the definitive leader in the luxury since it first launched as Crystal Cruises in 1990. In the years since, the company has expanded to include Crystal Yacht Cruises, Crystal River Cruises, Crystal AirCruises and Crystal Luxury Air, and Crystal Expedition Cruises. While each Crystal Experience offers distinctly unique destinations, onboard features and shoreside discoveries, what remains consistent across the Crystal fleet is the globally acclaimed standard of excellence, unparalleled personalized service and attention to detail.
To capitalize on the growing demand for new cruise ships and to realize the company’s own expansion plans, in 2016, Genting Hong Kong established MV Werften comprising of three shipyards in Wismar, Rostock and Stralsund, Germany following the purchase of Lloyd Werft the previous year which specializes in building megayachts and other newbuilds. With the consolidated expertise and facilities of the shipyards, including approximately 1,800 experienced management and workers, MV Werften will be capable of building large-scale mega-ships.
Travellers International Hotel Group, Inc. (“Travellers”), an associate of Genting Hong Kong, opened its first land-based attraction, Resorts World Manila, in the Philippines in August 2009. RWM is the Philippines’ first one-stop, nonstop vacation spot for topnotch entertainment and world-class leisure alternatives, featuring seven hotels, an iconic shopping mall, four high-end cinemas and a multi-purpose performing arts theatre.
Genting Hong Kong’s unique venues and itineraries, coupled with a promise to deliver best-in-class services, will ensure an unforgettable experience for each and every guest. The company will continue to leverage off the Genting Group’s unrivalled regional expertise in land-based resorts development as it looks to expand its individual footprint. Genting Hong Kong constantly seeks new scalable business opportunities and ways in which the company can excel and improve its business proposition.
Genting Hong Kong is listed on the Main Board of the Stock Exchange of Hong Kong Limited under the stock code “678”.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
