Alliance Global Group, Inc (AGI), the parent company of Newport World Resorts (NWR) operator Travellers International Hotel Group, Inc (TIHGI), has denied local media reports claiming the recent sudden departures of senior casino executives may have been linked to embezzlement.
Media outlet Bilyanaro.com reported over the weekend that the exit of former TIHGI President Kingson Sian, COO Hakan Dagtas and CFO Bernard Than earlier this month had “sparked speculation about potential financial misconduct behind their sudden departure”, citing comments by AGI CEO Kevin Tan at a town hall meeting in which he said, “Anyone who crosses the line, whether long serving or new, regardless of their position, will face consequences for wrongdoing.”
In a Monday filing following a request for clarification from the Philippine Stock Exchange, AGI said it “wishes to clarify that the departure of Mr Kingson U Sian, Hakan Dagtas and Bernard Than … is due to the conclusion of the year-long transition plan for TIHGI since AGI’s assumption of full ownership of the latter on 30 May 2023.
“Mr Sian had initially deferred his planned retirement in 2022 to lead the company through the transition period. The positions of Mr Dagtas and Mr Than, who were members of TIHGI’s management team with AGI’s former venture partner, are part of the transition plan, paving the way to AGI’s management team to helm TIHGI moving forward.
“Further, the statements attributed to Mr Tan in the article only articulates the policy implemented across the AGI Group, underscoring the significance of integrity among its ranks. Such statements are motivated by AGI’s strong commitment to drive the organizations within its group to new heights, a feat only attained through principled members of the group. We hope that this clarifies the matter.”
Inside Asian Gaming was first to break the news of the executives’ departures from NWR earlier this month, which has seen former Philippine Airlines CFO Nilo Rodriguez appointed new CEO and former Chief Casino Officer Lance Gautreaux as new COO.
AGI assumed full ownership of TIHGI after its former partner, Genting Hong Kong, filed for bankruptcy in early 2022.
