Financially stricken cruise operator Genting Hong Kong has dismissed at least 60 employees in Singapore, with many of them being Singaporeans and permanent residents. In January, Genting Hong Kong filed to close the business and a few weeks later, its subsidiary Dream Cruises also filed to wind up the business.
The layoffs at Genting Hong Kong reportedly began in January, according to The Straits Times, and were done in phases. The latest round of contract termination was completed this week and impacted employees received an email informing them that their employment had been terminated. They were also asked to return company property at the office, ST said. MARKETING-INTERACTIVE has reached out to Genting Hong Kong for comment.
Earlier this year, Genting Hong Kong filed to close down the business as it had “exhausted all reasonable efforts” to negotiate with relevant counterparties under its financing arrangements. The company, however, failed to reach an agreement with various creditors and other stakeholders. Genting Hong Kong also initially stated that Dream Cruises Holdings will continue operating.
While most employees were not owed wages, ST reported that Genting Hong Kong still owed them pro-rated salary and compensation for unused annual leave days. No return benefits were offered to employees.
Genting Hong Kong and Dream Cruises are not unionised companies, ST said. According to the Ministry of Manpower, non-unionised employers should provide a lump sum retrenchment benefit. Instead of linking retrenchment benefits to employees’ years of service, a lump sum of between one and three months of salary could be provided, taking into consideration the Jobs Support Scheme pay-outs that financial employers have received and their position.
Aside from the retrenchment, Malaysian billionaire, Lim Kok Thay, also resigned from his position as chairman and CEO for Genting Hong Kong following the announcement in January. Deputy CEO and president, Au Fook Yew has also resigned from his post. Meanwhile, Dream Cruises officially ceased the operation of its World Dream vessel on 2 March.
Genting Hong Kong’s Dream Cruises to wind up business
Malaysian billionaire Lim Kok Thay steps down as Genting HK CEO
Genting Hong Kong to cease major business activities after no new funding