Macau casino tycoon sues his children
Macau casino magnate Stanley Ho has sued family members in a bid to recover billions of dollars of assets in another bizarre U-turn to a feud over the ailing tycoon’s empire.
Ho, chairman of Macau’s biggest casino operator, SJM Holdings, hours earlier said he would not sue and that he wanted to resolve the matter privately with family.
The latest move in the zigzag tussle for the 89-yearold tycoon’s billions of dollars of assets suggests an escalating scramble between factions of Ho’s family, which includes four wives and at least 17 children.
Ho’s lawyer, Gordon Oldham, said he had filed a court claim on Ho’s behalf against the children, including Pansy and Lawrence Ho, other relatives and companies, late on Wednesday.
A copy of the court claim said Ho was suing his third wife and the five children of his second wife for issuing new shares in Lanceford, the main holding company for Ho’s interest in SJM, without his consent, effectively diluting Ho’s stake to nothing.