Donaco International Limited’s Ben Reichel has stepped down from the company’s board after seven years.
Reichel, who is also Donaco’s General Counsel and Company Secretary, revealed that he would not be seeking re-election shortly before the company held its AGM in Sydney on Friday. He will temporarily remain in the roles of General Counsel and Company Secretary.
“As the Company’s largest shareholder, we consider that Ben Reichel has done an excellent job in protecting the interests of Donaco and its shareholders over the past seven years,” said Kurkye Wong, a non-executive Director of Donaco and representative of Argyle Street Management Limited, which recently purchased a 19.25% stake in the company.
“We supported Ben’s re-election to the Board … however we understand and respect his decision to step down from the Board at the conclusion of [Friday’s] meeting.
“We requested that he remain as an executive of the Company for a transition period due to his valuable skills and experience, and we are glad that he has agreed to do so.”
Reichel has played a key role in navigating a particularly troublesome period for Donaco in 2019, which has seen ongoing litigation Australia, Singapore and Cambodia with the Thai vendors of the company’s Star Vegas property and the removal by shareholder vote of company founder Joey Lim.
There have also been moves by associates of Lim – whose shares were seized earlier in the year when he defaulted on a personal loan – to replace the current board.
