Tue | Sep 18, 2018

Paul Hoo resigns as Supreme Ventures chairman

Published:Monday | November 6, 2017 | 11:41 AM

Co-founder and Chairman of Supreme Ventures Limited (SVL), Paul Hoo has resigned, two weeks after a $2.9 billion share transaction resulted in Mayberry Investments Limited calling for a shakeup of the board.

Hoo tendered his resignation to the SVL board at a meeting on Saturday, November 4, according to a release from the lottery and gaming company.

Deputy chairman, Ian Levy, also a founding member, will act as board chairman until a new one is appointed.

Last month, Mayberry Investments Limited called for the emergency general meeting to replace seven SVL directors, including Hoo.

However, having subsequently gained three seats on the 12-member board, the brokerage house said it is reviewing its demand for the meeting.

Mayberry had outlined its intention to appoint seven directors to replace Hoo and others, SVL said then in a release in response to recent reports of a $2.9 billion block share transaction buy out of the company by St. Lucia-based Zodiac International Investments and Holdings Limited and Mayberry Investments.

Hoo served SVL as deputy chairman from 2001 to 2004, while Peter Stewart chaired the board.

He was also SVL’s chief executive officer until the appointment of Brian George in 2003 and after Stewart’s passing in 2004, he assumed the board chair.

Apart from his business acumen, Hoo was known for his philanthropic efforts and was recently conferred with the the Order of Distinction, Commander Class, for his contribution to the development of the sporting industry in Jamaica.    

Ann-Dawn Young Sang, SVL’s newly installed President and CEO, referring to Hoo’s resignation, said “there will be some adjustment for us at SVL in the wake of this development.”

Supreme Ventures began lottery operations on June 25, 2001 and later diversified into other areas of the gaming industry, including video gaming lounges and sports betting. In March this year, the company added horse racing to its suite of offerings.

SVL said that under the leadership of the founding members, lottery revenues grew from approximately $2 billion in 2001 to $45 billion at the end of 2016, an increase of 2,250 per cent.

Revenues reported for the half year ended June 30, 2017 are approximately $27 billion, SVL said.

- business@gleanerjm.com