As early as the third quarter of 2020, it was a well guarded open secret that the Mayer Brown advised US$3.5 billion restructuring of Genting Hong Kong, was in rough waters.
As with the times, the sign of the time on what lay a head was the misplaced priorities.
When it rains it pours
End up wet up
That's when
It rains it pours
It usually, goes down
End up wet up
That's when
It rains it pours
It usually, goes down
Over Money and whores
When Lim Keong Hui, the son of Genting Group Chairman Lim Kok, who joined the Hong Kong unit in 2019, quit on August 2020, he took with him ZOUK for about US$14 million.
So who is left holding the baby and the poop? Well the biggest loser is Genting itself, because the company will not be getting a digital banking license , from Bank Negara Malaysia.
Unlike Boost, who will not be getting the digital banking license this round, but will be given in the next stage, the doors are shut for Genting this year.
Shoppe, Grab, Aeon, Big Pay and 99 Speedmart are front runners though to get it next month.
The loser is Maybank with RM1.5 billion exposure , with about RM1 billion attached to the fast becoming worthless Genting Hong Kong shares. RHB exposure is less than RM450 million, but in terms of weightage it's about the same for both banks.
