Chen Lip Keong’s succession plan in disarray as son is booted from NagaCorp

Free Malaysia Today

Casino tycoon’s son Chen Cherchi gets the sack as NagaCorp’s CEO of finance and treasury in a brewing family feud.  Read More:  https://www.freemalaysiatoday.com/category/highlight/2024/05/21/chen-lip-keongs-succession-plan-in-disarray-as-son-is-booted-from-nagacorp/   Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #ChenLipKeong #NagaCorp

Transcript

00:00 Gaming tycoon Chen Lip Keong's wish for his five sons to work together to grow his Cambodia-based

00:07 casino empire appears to have become a pipe dream.

00:11 Last Thursday, NagaCorp Ltd announced that Lip Keong's son Che Chee was no longer its

00:15 CEO of Finance & Treasury.

00:18 According to a filing with the Hong Kong Stock Exchange, Che Chee will also cease to be the

00:22 director of Naga Group Global Ltd and Naga Cap Ltd.

00:26 NagaCorp said that apart from the possible disagreement over his termination, Che Chee

00:30 had no other disagreement with the board.

00:33 Lip Keong's second son, Yi Fon, was re-designated as CEO of NagaCorp Group after the tycoon

00:38 passed away in December last year.

00:40 It was also revealed that Yi Fon received the largest allocation of shares among all

00:44 his brothers under the family's Sake Trust, 368 million shares or 8.3% of NagaCorp worth

00:51 about RM1 billion.

00:52 Four of his other sons, Yi Huan, Yi Pen, Che Chee and Chien Teng were each entitled to

00:58 291 million shares, a 6.6% stake each in NagaCorp.

01:03 Sam Wichua, FMT News.

01:05 (upbeat music)

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