Genting Ex-Chairman Blames Germany for Cruise Operator’s Demise
- Lim said in letter new German government reneged on agreement
- Comes after Germany said Genting was at fault for cash crunch
Lim Kok Thay, the former chairman of Genting Hong Kong Ltd., which slid into provisional liquidation last week, has accused the German government of walking away from a promise to provide capital to Genting’s shipbuilding unit, whose demise ultimately forced the cruise ship operator to seek court assistance to safeguard its assets.
As part of a restructuring deal last year, Germany’s former administration agreed to provide a $620 million credit line to help MV Werften continue building a cruise ship called Global Dream, Malaysian tycoon Lim said in a letter dated Jan. 24 and viewed by Bloomberg News. But when the new German government took office in December, an alternative arrangement that Lim described as “unreasonable” was proposed and a personal guarantee was sought.