Column: Malaysian firm with tribal links under investigation

Monday, June 7, 2010  

"The state Racing & Wagering Board is investigating key officials with the huge Malaysian company that has jumped into the competition to build and operate a racino at Aqueduct Raceway.

The six-month probe came about after the former chief executive of Empire Resorts in Monticello complained to the board of self-dealing, conflicts and questionable activities by people installed by the Malaysian investor after it acquired stock in Empire and took control last year.

The prospective Aqueduct operator is called Genting New York LLC. It is tied to companies called the Genting Group and the investment organization Kien Huet, which spent $55 million to take control of Empire, the operator of Monticello Raceway and the video lottery terminal operation there.

Joseph Bernstein, Empire's CEO until the end of last year, complained in a Dec. 31 letter to the racing board about some of the activities of Kien Huat and Genting leaders, Kok Thay Lim, Colin Au Fook Yew and G. Michael "Micky" Brown.

Bernstein and the Genting principals sued each other but recently resolved differences, according to Empire Resorts' report last month to the Securities and Exchange Commission. In a settlement, Bernstein received $1.5 million in cash plus the right to buy 3.25 million shares of Empire stock at $2 a share through 2020. He agreed not to say anything derogatory or negative about Kien Huat or the principals and to not deal with the St. Regis Mohawk tribe, with which Empire Resorts hopes to build a casino."

Get the Story:
James M. Odato: Investor's officials probed (The Albany Times-Union 6/7)