Donaco gains court extension of share freeze order

Donaco International announced that the Supreme Court of New South Wales has granted its request for a further extension until May 1 of a freezing order preventing its estranged former Thai partners from selling their shares in the company.

The previous freezing order had been set to expire at the end of February.

The spat between Donaco and its Thai vendors first came about after Donaco launched legal proceedings which alleged its three Thai vendors were running a neighboring competing business to the Star Vegas facility in breach of their contract. The vendors retaliated in 2018 by initiating termination of the lease agreement with Donaco, citing the casino operator’s lack of rental payment.

About a month ago Donaco announced that it had signed a memorandum of understanding with the Thai vendors under which all litigation matters were suspended for two months to allow the parties to conduct settlement negotiations.