Gambling billionaire Stanley Ho has appeared in a rare television interview to reject claims that his family “stole” his stake in the $10 billion Asian casino giant, SJM Holdings.
After two days of dramatic public feuding between the 89-year-old and his family, which includes four wives and 17 children, Ho appeared on Hong Kong television last night to say the issue has been resolved and he would not be going ahead with plans to sue various family members.
“The big problem has been resolved,” Ho said.
“My families and I are very happy we have made the decision.”
The drama started two days ago, when an announcement to the Hong Kong Stock Exchange revealed that a 31.7% in the holding company through which Ho owned his stake in SJM Holdings had been transferred to five of his children and the woman he refers to as his third wife, leaving Ho himself with no stake in the companies.
The stake was the cornerstone of Ho’s fortune, estimated at over $3 billion.
But a day later, a lawyer Gordon Oldham of the firm Oldham, Li & Nie, claimed he had been engaged by Ho to try and recover the shares. Oldham said Ho claimed he not authorised the transaction and had been “robbed” of his stake.
Oldham told Reuters the effect of the transfer had been to dilute Ho “to nothing, and this is again without his knowledge, without his consent and certainly against his wishes.”
But the beneficiaries of the transfer – third wife, Chan Un-chan, and five children from Ho’s second wife, Lucina Laam King-ying in Pansy Ho, Daisy Ho, Maisy Ho, Josie Ho and Lawrence Ho – launched their own attack, claiming Ho had signed off on the transaction as part of moves to distribute his wealth to various parts of the family.
In his television interview, Ho, flanked by Chan Un-chan and his daughter Florida Ho, said that he intended to divided his wealth between the families of his second and third wives.
“My family and I are very happy. I do not wish to have any changes [to the asset division].”
While Ho’s statement was designed to bring the drama to an end, that looks unlikely.
Overnight, a daughter from Ho’s first marriage, Angela, released a statement saying it was “highly disconcerting and hurtful” that Ho would ignore the family of her now deceased mother, Clementina Ângela Brito.
“My father speaks to me often and has stated publicly about how he intends to divide his estate evenly among his children,” Angela Ho said.
“I cannot believe that my father would leave my mother’s family with nothing at all. My father has always prided himself on being a fair, just and honest person.”
There has also been speculation that Ho’s fourth wife could enter the fray.
There is an Australian connection to this incredible drama. Ho’s son Lawrence is the joint venture partner of James Packer’s Crown Group in Macau. The pair operates two casinos in the gambling haven.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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