Did the Zeng Liqiang family break out of business?

Sources revealed that a family dispute seems to have broken out between the two sons of the late Cambodian gambling tycoon Tan Sri Zeng Liqiang.

According to the Financial Weekly “The Edge” report, people familiar with the matter revealed that the two heirs who are still in dispute are 43-year-old Zeng Yufeng and 36-year-old Zeng Ziqi. The two are half-siblings.

According to reports, the former is the second son of Pan Sri Lee Chu-sen (transliteration), while the latter is from another marriage.

According to the senior management change document issued by Hong Kong-listed Nagacorp (Nagacorp) on the 16th, Zeng Ziqi will no longer serve as the group's chief financial and treasury chief executive, which seems to have released discordant information.

According to the announcement, the Group's board of directors regularly reviews the composition of senior management and assigned functions and tasks from time to time to rationalize the internal corporate supervision and management structure.

“It is known that apart from the possible disagreement between the board of directors terminating their employment relationship, Zeng Ziqi has no other disputes with the board of directors, and no other matters need to be submitted to the board of directors.”

According to sources familiar with the group, Zhang Jingwen, financial director of Jinjie Holdings, will take over Zeng Ziqi's position.

Despite the escalation of disputes, the brothers and sisters of the Zeng family are said to be close, and some parties are trying to resolve the conflict.

As of last Friday (17th), the market value of Jinjie Holdings was US$2.53 billion (approximately RM11.85 billion), and Zeng Liqiang also has many assets in China.

Earlier, Jinjie Holdings announced the transfer of 69.26% of the shares from Zeng Liqiang to Sakai Trust (Sakai Trust). Half of the shares will be distributed to 5 sons. Zeng Yufeng won 8.3% of the shares, and the remaining 4 children each received 6.6%.

Of Zeng Liqiang's five sons, three were born to Li Chusen, namely Zeng Yufeng, Zeng Yuhuan (transliteration), and Zeng Yepeng (transliteration); he and his second wife also had two sons, namely Zeng Ziqi and Zeng Citian (transliteration).

According to sources, his only daughter, Tsang Yi-chun, 35 (transliteration), received part of the asset allocation but did not participate in the dispute.

The casino license held by Jinjie Holdings is valid until 2065 and remains the only casino operator in Cambodia until 2035.