CLAIMS TO FAME
- Holds the most senior position at NagaCorp and the most shares in the company of all five sons of founder Dr Chen Lip Keong
The passing in December of NagaCorp founder Chen Lip Keong has seen inevitable questions raised about the long-term future of the company, and specifically who will guide it forward. The answer seems to be Chen Yiy Fon, Dr Chen’s second son who now sits as CEO and Executive Director of the Cambodian integrated resort operator.
Yiy Fon, who was initially appointed CEO – Operations following his father’s passing, was the main benefactor of the dispersion of shares earlier this year, being granted an 8.3% stake in NagaCorp while his four brothers received 6.6% each. He further gained control after the company opted to remove one of those brothers, Chen Cherchi, from his role as CEO – Finance and Treasury. That leaves three of Dr Chen’s sons working for NagaCorp but there is no doubt who is leading the way.
Yiy Fon has already overcome some challenges, managing to raise enough liquidity to meet a US$472 million bond maturity in July. A US$95 million impairment on the company’s investment in a casino development in Vladivostok, Russia, may not be so easy to claw back but at least NagaCorp is making money again, reporting GGR of US$283 million for the first six months of the year.
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