Judges order casino ship auctioned off

A casino ship that in its heyday made around HK$10 million (US$1.29 million) per day with as many as 400 passengers aboard will be, under Hong Kong court order, sold off to pay its debts after the owner ran into financial difficulties in the post-corruption crackdown environment, reports the South China Morning Post (SCMP).
The ship – named the New Imperial Star – is subject to an evaluation by two appraisers before being auctioned off, an outcome that even if resulting in a sale for scrap will bring in at least US$2 million.
This, however, is only a fraction of what the ship was bought for, notes SCMP, as its purchase price in late 2012 was HK$100 million, and the company that rented it out – Arising International Holdings – did so at a monthly rate of HK$2 million.
Currently, the 36-year-old 129-metre vessel floats off the docks of the Kai Tak Cruise Terminal in Hong Kong’s Victoria Harbour. The crew, 20 from the Ukraine, 18 from Myanmar and eight from Mainland China, have been stranded since November after the owner of the vessel failed to pay their wages or airfares, reports SCMP.
Some 13 of the crewmembers remain on the ship to maintain operations while 33 went home after receiving advance payments capped at US$4,000 from loans offered ‘by various parties,’ notes the publication.
Crewmembers are expected to receive their wages from the proceeds of the auction within 60 days of its completion. The legal dispute, resulting in the mandate for a judicial sale from the neighbouring SAR’s High Court, is an outcome of HK$3.8 million in unpaid wages to the 46 crewmembers.