Casino operator Naga Corp Ltd announced Friday’s death of the company’s founder, chief executive officer and executive director Chen Lip Keong “with great sadness” before Hong Kong stock exchange time on Monday morning.
The company said Mr Chen died “due to illness.” He was 75 at the time of the company’s 2022 annual report, which was released in March.
Nagakov is an exclusive casino operator in the Cambodian capital Phnom Penh through the Nagaworld complex, which has been developing a Russian casino resort but has been halted.
A statement on Monday said Mr Chen had built a “solid foundation” for the group and Nagakov had seen “more than 28 years of steady growth” under his leadership.
“His years of entrepreneurial, business, and management experience have been instrumental in the group’s success,” it added
The filing also says the founder’s son and the company’s executive director, Chun Fon, has been re-designated as the group’s new CEO since Sunday (Dec. 10), which he called “the company’s leadership and … It means taking over the obligations and responsibilities that you had before.”
Chen Yiy Fon has served as CEO since April 5, 2022 – running the company.
In July 2022, it was announced that Nagakov’s shares, which were directly or indirectly held by the company’s founder, had been transferred to a family trust established “for the purpose of its succession plan.”
News of his death came shortly after Cambodia itself witnessed a shift in leadership, stepping down after 38 years in power.
Hun Sen’s son, Hun Manet, has now taken on the role of the country’s prime minister.