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Donaco’s Casino Gamble Matter in Cambodia has got Complicated

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Donaco International’s immersion in the legal proceedings with its biggest individual shareholder has got complicated. The shares of Donaco’s biggest institutional shareholder (Orchard Capital Partners Asia) which were not obtained through a loan default by Joey Lim (co-founder of Donaco International) have been seized by the Australian regulators.

After the demise of Joey Lim’s grandfather, Lim Goh Tong in 2007, Joey Lim handled his business and listed Donaco on the ASX by reverse takeover in 2013. He entered a deal to acquire Star Vegas, the largest casino in Poipet, which made him a regional player. Donaco invested US$360 million to own Star Vegas from the Thai businessman and politician, Somboon Sukjaronkraisri. However, Somboon entered an agreement to manage the casino for a couple of years with a guarantee of giving US$60 annually. Later, the two businessmen got entangled in a legal dispute due to the rights issue of Lim’s loan with Somboon’s shares.

After the failure of the agreement for Somboon’s management deal extension, the operation of two casinos up the road from Star Vegas contributed to an increase in the conflict with Donaco. Following Donaco’s efforts in upgrading Star Vegas guest rooms and its gaming floor, the casino unit has claimed that Somboon’s casinos violated the non-compete clause in the sales agreement. Due to this, the two parties are going through the arbitration process in Singapore and litigation procedure in Australia, Cambodia, and Thailand.

Lim failed to pay multiple payments in 2018 to the lender OCP Asia. Due to the loan defaults by Lim, OCP Asia acquired 27% shares of Donaco. Following this, Lim, Donaco director filed complaints to Australia’s Takeover Panel related to OCP Asia’s acquisition. It is decided that OCP Asia didn’t breach any regulations but it acquired shares at the time when the market didn’t have any knowledge about Lim’s loan default.

The growth of Thai casino industry has contributed to the introduction of many popular online casinos such as scr888. And hence it is important for Donaco International to resolves all its disputes to take advantage of the growth opportunities. Ending the complications is the only medium which could help Donaco to raise the value of its shares in the industry.

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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World

Bringing clean water – Christopher Kenny’s Preservation Earth Project

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Science plainly shows that a human can survive three weeks without food, yet most individuals cannot survive three to four days without water! Dehydration sets in, and the person will go into shock and become vegetative even if they continue to breathe. In other words, water is an essential requirement. A living thing cannot thrive without it. Nonetheless, it is a horrifying truth that billions of people worldwide lack access to safe drinking water. 

In developed countries, when everything from technology to luxury is available, receiving clean water at home is as ‘natural’ as breathing fresh air. Most individuals in advanced nations may not pay much attention to it, but this is not the case for the rest of the globe. Many countries continue to lack access to clean water sources or water appropriate for human use. Safe drinking water, sanitation, and hygiene at home should not be limited to the wealthy or those who live in cities. These are some of the most fundamental human health requirements, and all countries must ensure everyone has access to them.

The Preservation Earth Project (PEP) made its way to Tsaile, New Mexico. Over time, uranium mining, fracking, and pesticide abuse damaged the water supply, resulting in a high occurrence of numerous illnesses. Approximately 35% of the Navajo people do not have access to flowing water, and some must go to a remote location to fill barrels with water from a polluted local spring. 

There is no doubt that climate change is boosting storm strength. Recent natural catastrophes have heightened the need for groups to step up and give support, answers, and relief to individuals affected by such natural disasters. The Preservation Earth Project is a non-profit organization that provides support, education, and solutions to help society transition from fossil fuels to renewable energy.

A look back at Christoper Kenny’s life

Chris Kenny was born in Summit, New Jersey, on May 4, 1961. He was one of twelve children. In 1980, he received a B.A. in economics and finance from Warren Wilson College in Swannanoa, North Carolina. He also attended New York University, earning a commercial real estate management degree from the Schack Institute. Since 2018, he has served as the head of Strategy and E-trading at Hartfield, Titus, and Donnelly. Kenny started his career in the U.S. In 1985. He worked as a Treasury Bond Broker. He formerly worked at Bonds.com as the director of fixed income sales and technological development. His academic background is in business and finance. Chris is passionate about developing and promoting renewable energy, mainly when it is used to assist people in need. The potential to aid those in urgent demand as a result of a human-caused environmental or natural disaster is not just a philanthropic act but also a once-in-a-lifetime educational opportunity.

He used solar power on mobile platforms as a backup power source for emergencies, water purification, and water pumping.

His academic credentials are in business and finance. Chris is passionate about developing and promoting renewable energy, mainly when it is used to assist people in need. The potential to aid those in urgent need as a result of a human-caused environmental or natural disaster is not just a philanthropic act but also a once-in-a-lifetime educational opportunity. He has over 38 years of experience in finance as a salesperson, broker, trader, and investor.

Making clean water available to everyone

In 2012, Kenny founded The Preservation Earth Project, a 501(c)(3) non-profit organization. It provides assistance, education, and alternative energy solutions to help society shift to renewable energy. It was involved and aided Haiti several times after the 2010 earthquake, providing portable solar electricity for water purification and medical facilities. In 2020, the business devised a solution for the Navajos’ contaminated water source. They collaborated with engineers and local officials to build, produce, and install a solar-powered water filtration system for the Navajo people of Tsaile, New Mexico. Other activities have included providing portable solar power to the “Cajun Navy” for rescue and clean-up in areas devastated by the 2015-2021 hurricane season in Louisiana. 

The project designed, delivered, and installed a solar-powered filtration system that will provide clean drinking water to the local Navajo community 365 days a year for many years to come. Several more initiatives are in the works to provide safe drinking water to Native American communities on the Navajo Reservation.

President’s letters of gratitude

President Jimmy Carter sent Chris two heartfelt letters encouraging him to continue his charitable work. He suggested calling Habitat for Humanity and asking if they were interested in collaborating on a few projects. He and Kenny both helped out at the charity. 

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