One company holds stakes in another company, but its also being held by another company so on and so forth. One last thing to know is that the ownership of Genting is distributed in a complicated web of… finance stuff. Lim Goh Tong died on October 23rd 2007, and as for Tee Keong, the trust ownership was never reverted and he died a bankrupted man.
But because of the bankruptcy, Lim Goh Tong had to transfer the ownership of Tee Keong’s trust to his younger brothers, Lim Chee Wah and Lim Kok Thay. Lim Goh Tong had actually created an inheritance system based on separate trust entities for each of his children and their families. Prior to his death, he actually had to declare bankruptcy due to failing to repay more than RM200 million worth of debts to 2 stockbroking companies. The triggering point began with Lim Tee Keong (Lim Goh Tong’s eldest son) who died of cancer on April 14, 2014. From left: Joey Lim Keong Yew, Benjamin Lim Keong Hoe, and Lim Seok Leng.
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