Hong Kong, China: Macau casino magnate Stanley Ho’s share restructuring of his business empire was done without his consent and he accuses his family of stealing shares, leaving him with effectively no assets, his lawyer said on Tuesday.
The 89-year old billionaire, chairman of Macau’s biggest casino operator SJM Holdings, built up a lucrative gambling empire in the former Portuguese colony over nearly half a century.
Ho’s lawyer, Gordon Oldham, said the tycoon had not authorised the transfer of shares in his holding company, Lanceford Co, to his family members.
Oldham, contacted by mobile phone at the tycoon’s home, quoted Ho as saying his empire was being carved up against his wishes.
“This is robbery,” Oldham quoted Ho as saying.
Joseph Lo, a director at public relations firm Brunswick in Hong Kong, who represents Lanceford, said he did not have any immediate response from Ho’s family.
Since the once spry octogenarian’s health deteriorated following brain surgery in 2009, intense speculation has swirled over the risks of a potentially bitter succession battle amongst his four wives and at least 17 known children.
Oldham said Ho warned he’d initiate legal proceedings against his family in the next 48 hours unless the matter was resolved.
The share restructuring, detailed in a filing to the Hong Kong stock exchange by SJM on Monday, said Ho would no longer have any attributable interest in Sociedade de Turismoe Diversoes de Macau, S.A. (STDM), which controls SJM’s parent, STDM - Investments Ltd.
“Dr. Ho believes that his interest in Lanceford, which contains the bulk of his assets, has had share transfers taking place by his second and third family,” said Oldham, a senior partner at the Oldham, Li & Nie law firm.
“The effect of which is to dilute him (his assets) to almost nothing, well to nothing, and this is again without his knowledge, without his consent and certainly against his wishes.”
Ho, who had amassed a multi-billion dollar empire was hospitalised in 2009 and underwent two major surgeries but following a lengthy convalescence has made sparing public outings.
Oldham wouldn’t talk about Ho’s state of health except to say he was “very distressed” by his family’s actions.
Under the restructuring, the 26.8 percent stake in STDM held by Lanceford Co Ltd was transferred to family-run firms Action Winner Holdings Ltd and Ranillo Investments Ltd, which together now own Lanceford’s 31.7 stake in STDM.
New shareholders include Ho’s third wife, Chan Un-chan, and five children from Ho’s second wife, Lucina Laam King-ying.
The share proportion has been divided with Chan getting a 50.5 percent stake and the five siblings Pansy Ho, Daisy Ho, Maisy Ho, Josie Ho and Lawrence Ho, splitting the remaining 49.5 percent.
SJM’s shares were suspended on Tuesday after being partially suspended on Monday, prior to the announcement.
SJM closed down 4 percent on Monday after earlier falling as much as 9 percent after the share statement.
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