Outcome subject to arbitration
An Australian court has ordered a freeze on shares in Australia-listed casino operator Donaco International Ltd. held by three people holding Thai and Cambodian passports, reported GGRAsia.
The Supreme Court of New South Wales handed down the injunction against Somboon Sukcharoenkraisri; Techatut Sukcharoenkraisri; and Bhuvasith Chaiarunrojh. According to a filing by Donaco to the Australian Securities Exchange, the three collectively own 148 million shares in Donaco, or about 17.9 percent of its issued capital.
They are also the Thai vendors of Star Vegas in Poipet, Cambodia, acquired by Donaco in July 2015 for US$360 million. Last September, Donaco issued a cease and desist letter to the Thai vendors, saying they continued to operate the rival still Star Paradise in violation of a non-compete agreement.
The court order bars the defendants or their representatives from either selling or disposing of the shares “until the final resolution and payment of any award of damages” in some Singapore arbitration proceedings initiated by Donaco. The firm is claiming US$120 million in damages.
