Joey Lim may be out as CEO of Donaco International Limited, but he is clearly still making his presence known. The former co-founder of the company has been successful in stopping the sale of 9.71% of the company stock to an Asian investment firm, it was announced on May 7.

Orchard Capital Partners (OCP) had been attempting to purchase nearly 10% stake, but efforts by Lim, working with Australia’s Takeovers Panel, blocked the move, as the agency declared this as an unacceptable circumstance.

OCP had declared their intention to purchase the shares in December of last year. At the same time, they were in negotiations with Total Alpha Investments, a company that is controlled by Lim. In December, Lim had defaulted on a loan his company had received from OCP, something that was not known by the Australian agency at the time.

The official announcement by the regulatory body was issued on May 7. Just hours later, Donaco announced that a hold had been placed on the transaction. The Takeovers Panel explained in their ruling that OCP was already a senior secured creditor to another company owned by Joey Lim.