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Stanley Ho loses control of his empire
Macau's aging billionaire says his family is taking his company away from him and he won't give up without a fight
Soap opera inspiration: Stanley Ho in happier days with the family he accuses of stealing his empire.
Macau gaming tycoon Stanley Ho says his family split up his stake in the company he created, Sociedade de Turismoe Diversoes de Macau, S.A. (STDM), amongst themselves without his consent.
Ho had a 32 percent share of STDM, the parent of Asia's largest casino operator SJM Holdings Ltd. In an announcement by SJM on Monday it was revealed that Ho's shares are now split between his third wife Ina Chan, as well as the children of his second wife Lucina King-ying Laam.
The South China Morning Post reports that lawyers acting on behalf of Ho have been instructed to take "vigorous action" against family members for the alleged fraudulent misappropriation of Ho's shares.
“What really upsets him is that he’s not even dead yet, but in the twilight of his life his second and third families appear to be squabbling and pinching it for themselves,” Gordon Oldham, senior partner at Oldham, Li and Nie Lawyers told the SCMP. “There’s no doubt that he has all his faculties.”
And yet, the SCMP saw a letter informing SJM of the changes in shareholding, which bore Stanley Ho's signature.
"Stanley Ho is not saying that is not his signature," Oldham said. "Obviously he signed something, but it wasn't explained what the effect of that would be. Certainly he would never sign what this purports to be."
Could this become the biggest feud over family assets this side of the PRD since the Tony Chan and Nina Wang drama?
Ho is helped up when receiving the Grand Bauhinia Medal from Donald Tsang in 2010. Ho suffered a fall in July 2009 and required brain surgery.
