Is the Tseng family embroiled in an inheritance dispute?

According to sources, it seems that there is a family dispute among the two sons of the late Cambodian gambling tycoon, Tan Sri Tseng Lik Kiong.

According to The Edge financial magazine, informed sources revealed that the two disputing heirs are 43-year-old Tseng Yufeng and 36-year-old Tseng Ziqi, who are half-brothers.

It is reported that the former is the second son of Pan Sili Lee Chushen (phonetic), while the latter comes from another marriage.

According to the senior management change announcement released on the 16th by Nagacorp, a company listed on the Hong Kong stock market, Zeng Ziqi will no longer serve as the group's Chief Financial and Treasury Executive Officer, seemingly indicating a disagreement.

The announcement stated that the board of directors of the group periodically reviews the composition of senior management, as well as the functions and work tasks assigned, in order to streamline the internal corporate governance and management structure.

"It is known that apart from the termination of the employment relationship by the board of directors possibly indicating a disagreement, there are no other disagreements between Zeng Ziqi and the board of directors, nor are there any other matters requiring submission to the board of directors."

According to a person familiar with the group, Zhang Jingwen, the Chief Financial Officer of Nagacorp, will take over Zeng Ziqi's position.

Despite continuous escalation of the dispute, it is said that the siblings of the Zeng family have close relationships, and related parties are making efforts to resolve the conflict.

As of last Friday (the 17th), the market cap of Nagacorp was 2.53 billion USD (approximately 11.85 billion ringgit), and Zeng Liqiang still holds multiple assets domestically.

Earlier, Nagacorp announced the transfer of 69.26% of its shares held by Zeng Liqiang to Sakai Trust, with half to be distributed to 5 sons, Zeng Yufeng receiving 8.3% of the shares, and the remaining 4 sons each receiving 6.6%.

Among Zeng Liqiang's five sons, three of them were born to Li Chusen. They are Zeng Yufeng, Zeng Yuhuan (transliteration), and Zeng Yupeng (transliteration). He also has two sons with his second wife, Zeng Ziqi and Zeng Citian (transliteration).

According to sources, his only daughter, 35-year-old Zeng Yizhen (transliteration), received a portion of the assets distribution but was not involved in the dispute.

Nagacorp holds a casino license that is valid until 2065 and remains the only casino operator in Cambodia until 2035.