KUALA LUMPUR (May 27): Donaco International Ltd has received notice from shareholders holding more than 5% stake in the Aussie-based company to remove Genting group’s scions Joey Lim Keong Yew and Benjamin Lim Keong Hoe as directors of the company.

According to a statement, Donaco said Antonia Caroline Collopy and the Spenceley Management Pty Ltd, which is a trustee for the Spenceley Family Trust and Spencely Family Superannuation, are requisitioning to hold a shareholders’ meeting to remove the two, who are the late Tan Sri Lim Goh Tong’s grandsons.

The two brother’s father is Goh Tong’s eldest son Datuk Lim Tee Keong, who passed away a bankrupt in 2007.

“The board has received legal advice on this matter. The board will arrange for an extraordinary general meeting (EGM) proposing the resolutions held within the time frame prescribed by the Corporations act” said the group, while adding that shareholders will be notified once a date has been fixed.

Donaco has two main assets — Star Vegas Resort and Club in Poipet, Cambodia, and Aristo International, a hotel with an adjoining casino in Lao Cai, Vietnam. Goh Tong was said to have helped the grandson Joey to set up the casino there then.

As at end-August last year, Joey controlled 28.10% of Donaco and had 13.03% jointly held with Benjamin.

But the two brothers have lost control of the group this year. The Edge Weekly reported that the brothers had some sort of funding arrangement with OL Master (Singapore Fund 1) Pte Ltd, a hedge fund operated by OCP Asia Ltd, which resulted in the fund controlling 37% of Donaco.

In a filing with the Australia Stock exchange on March 4, Donaco said that Vincent Pirina and Mitchell Mansfield have been appointed as joint and several receivers of approximately 224 million shares (about 27%) in the company. The shares were formerly controlled by the Lim family.

“The appointment of receivers was made by Madison Pacific Trust Ltd as security trustee for OL Master (Singapore Fund 1) Pte Ltd, pursuant to certain financing agreements with entities controlled by Joey Lim (Keong Yew),” the announcement said.