Three directors of South Shore Holdings were shown the door late last month, along with the company’s secretary, due to longstanding financial turbulence and a failed attempt to sell the company’s 13 hotel in Macau.
James Chiu, Iain Bruce and Professor Lee Chack Fan have all stepped down. They were replaced by “independent, non-executive new directors,” reported Inside Asian Gaming: accountants Clifford Choi Wai Hong and Liu Tsui Fong and solicitor Flora Lam Yan Fong.
Joanna Mui Ching Hung has also resigned as South Shore’s secretary. Mui was replaced by Chow Mun Yee, who has served as an executive director of South Shore since May.
The 13 hotel once was touted as “the most luxurious hotel in the world” and was planned to include a VIP casino. The property was never completed. South Shore continues to seek a buyer for the property. Previous negotiations to sell a half-stake for HK$750 million (US$96.7 million) fell through.
The company reported a loss of HK$429 million for the six months to September 30 and has issued a profit warning ahead of an expected loss of HK$950 million (US$122 million) for the year ending March 31.
