Donaco International Limited has requested and been granted a further extension of a freezing order preventing its former Thai partners from selling their shares in the company, pending the outcome of ongoing settlement discussions between the two parties.
The freezing order was due to expire last Friday 28 February but has now been extended until 5pm on Friday 1 May 2020, Donaco said in a filing.
The company announced early last month that it had finally entered mediation talks with the Thai vendor of its Star Vegas property in Poipet, Cambodia, aimed at putting an end to ongoing legal battles in multiple jurisdictions.
Those legal battles include an arbitration claim in Singapore where Donaco is seeking US$190 million in damagesand a Cambodian court battle over a disputed 50-year land lease deal for Star Vegas, both related to Donaco’s assertion that the vendors continued to run gaming operations in Poipet in defiance of non-compete provisions.
The vendors own 148 million shares in Donaco, representing approximately 17.9% of the company’s issued capital.
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