Macau’s ‘King of Gambling’, the 97-year-old Macau casino mogul Stanley Ho Hung-sun, could be forced to give up a small slice of his incredible empire after being sued by his nephew.
Macau’s King of Gambling facing huge legal challenge from nephew
Macau’s ‘King of Gambling’, the 97-year-old Macau casino mogul Stanley Ho Hung-sun, could be forced to give up a small slice of his incredible empire after being sued by his nephew.
Michael Hotung has filed a writ today, claiming up to HK$2 billion (US $255 million) in compensation for unpaid share dividends.
Allegations have been centred on more than 6,000 shares in the family’s casino company, STDM, which were purchased by his late mother and have not been paid since 2007.
For more than 30 years, Stanley Ho Hung-sun enjoyed a complete monopoly as the sole casino license-holder in Asia’s gambling paradise, helping make him one of the world’s richest men.
Stanley officially retired as Chairman and executive director of SJM Holdings last year, but had stayed away from the public spotlight since a stroke in 2009 took its physical toll.
Incredibly, the wily old fox has has 17 children aged between 18 and 70 years old from a total of four marriages. So, it’s fair to say that this won’t be the first battle from the Ho family for an extra piece of the large pie.
Michael Hotung is filing the lawsuit on behalf of his mother and Stanley’s sister, Winnie Ho Yuen-ki, who died aged 95 last year.
It has been widely reported that Stanley and Winnie have feuded for almost 20 years about the direction of the company and Winnie’s investment share.
After ousting Winnie from the company’s board in 2005, Stanley took the public step of casting his sibling aside, saying “I no longer regard her as a sister.”
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