Capital markets — Intra Investment Corp, the government owned investment vehicle that controls 51 percent of Companie du Casino du Liban SAL (CCL), has decided to call for a general assembly of Casino shareholders to relieve CCL’s current board of directors and its chairman from their responsibilities and elect a new board.
CCL’s chairman has been at odds with its 11 board members on a number of issues, particularly on how to address the outstanding taxes the government is claiming from slot machines revenues and the construction of a hotel near the Casino. The board has been trying to remove the chairman from his post and has accused him of monopolizing decision-making at the firm.
CCL declared net profits of $5.2 million for half-year 2000 compared to $3.6 million in half-year 1999 and $1.6 million in half-year 1998. Revenues totaled $42 million for the first half of the year. — (Lebanon Invest)