One of Nagakov\'s three sons, late Sir Chen Lip, founder of Nagakov, who was named chief executive there in April 2022, was terminated from Thursday at Casino Group, the company said in a filing with the Hong Kong Stock Exchange after trading hours that day.

Chen Cherch\'s resignation as CEO includes "possible discord" between the outgoing executive and the company over the termination of the contract, according to the filing.

Nagkov has exclusive rights to a long-lived casino in Phnom Penh, the capital of Cambodia, which runs the Naga World complex (pictured).

"Other than the board\'s disagreement over termination of employment, [Chen] Cherchi has no other disagreement with the board and nothing else to pay attention to the company\'s shareholders," the filing said

The filing added that the departing executive "will no longer hold any positions with the company or its subsidiaries."

The company said the move "will not have a substantial impact on the group\'s operations."

"We will continue to operate the group\'s business in compliance with the business strategy set out by the board," Nagakov added.

"Top management will act as the team that leads and manages the group, leading to "the next level of success."

The departing executive\'s father, Sir Chen Lip Keong, died in December last year. Prior to his death, three sons were appointed co-CEOs at Naga Corp, according to succession plans.

Nagakov\'s casino gross gaming revenue rose 23.7% year-on-year to nearly $145.4 million in the first quarter, according to an unincorporated filing with the Hong Kong Stock Exchange in early April.

In February, Nagakov said it planned to cut $700 million in budget for the podium of Nagarwold\'s extension project, Nagar3.

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