We refer to the news story with the headline “South Shore Holdings demotes CEO, said to be scouting buyer”, published on the website of the Macau Daily Times on May 6, 2019, and on the print issue of the same date, regarding the re-designation of the corporate position of Mr. Walt Power at South Shore Holdings Limited, the owning company of the luxury Hotel “The 13” at the Macau Cotai Strip.
Our newsroom has recently been contacted by Mr. Walt Power with the aim of clarifying possible inaccuracies and misrepresentation of events due to a subjective narrative on such news story. Our newsroom has reviewed the events portrayed therein and, based on our findings, we would call our readers’ attention to the following clarification:
1). “Many shareholders hold Power personally responsible for the delays and challenges that have affected the opening of The13.”
The facts supporting of such affirmation, as far as Macau Daily Times is aware, may only be attributed to the source and author of the original news, divulged at www.calvinayre.com. Upon contacting Mr. Walt Power, he mentioned not to have been held personally responsible by any of its shareholders for the performance of South Shore Holdings Limited, but rather having received gestures of gratitude for his services as CEO of the company.
2). The use of the terms “removed” and “demoted” in the headlines and first sentence of the news story, while referring to Mr. Walt Power’s re- designation of corporate duties at South Shore Holdings Limited, were not the terms used on the press note which the company issued to the public.
Upon our review of the words on the news story which referred to the change of corporate positions of Mr. Walt Power in South Shore Holdings Limited, we found no other expression publicly used by such company other than “re-designation” – namely, the press release of May 2, 2019 is clear on the employment of such term. Therefore, the terms used on the original news story “removed” and “demoted” are viewed by the Macau Daily Times as a subjective qualification. Furthermore, upon contacting Mr. Power in this regard, he mentioned that the re-designation of his corporate position had been discussed and mutually agreed with the company.
3). “His influence on future decision- making is likely to be non-existent”.
As Mr. Walt Power remains a member of the board of directors of South Shore Holdings Limited, and no claim to the contrary is known to have been made by any other corporate directors or shareholders of the same company, we repute the above quoted affirmation as an opinion of the original author of the news story at Calvinayre.
Considering the foregoing, we hereby address our sincere apologies to our readers and, particularly, to Mr. Walt Power, whose professional reputation was undeservingly questioned. Paulo Coutinho
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