Casino King Stanley Ho suing own family

[flkyflky]

http://hk.news.yahoo.com/event/fc/20110125/hkstanleyho.html

何鴻燊入稟 向二三房追討財產
何鴻燊入稟 向二三房追討財產

雖然何鴻燊於昨日現身，在二房及三房親屬陪同下，讀出聲明指原有分產安排已落實，但仍未能平息分產風波。何鴻燊透過代表律師高國峻，正式入稟控告子女、親屬11人及相關公司，追回公司股權。長房何超賢早前更發聲明指，不相信父親半點財產不留給長房...
到KPost討論何鴻燊家族分產事件
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[flkyflky]

Casino is POISON. LKY & PAP are going to PAY for it.

 

[flkyflky]

http://www.guardian.co.uk/world/2011/jan/27/stanley-ho-casino-family-feud

Stanley Ho sues relatives in feud over casino empire

SJM Holdings chairman files writ hours after going on television to say he wanted to resolve the matter privately

Stanley Ho Stanley Ho delivered his TV statement accompanied by his third wife, Ina Chan Un-chan (right), and daughter Florinda. Photograph: Lam Yu San/AFP/Getty Images

The casino magnate Stanley Ho is suing members of his family in an attempt to recover billions of dollars of assets.

The 89-year-old chairman of SJM Holdings, Macau's biggest casino operator, had gone on television hours earlier to say he would not sue and that he wanted to resolve the matter privately with his relatives.

A copy of the claim filed at Hong Kong's high court 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.

The writ sought a reversal of the transaction, a declaration that the shares were "improperly and unlawfully allotted", and an injunction to "restrain each of them" from making further share allotments or disposals.

Ho's lawyer, Gordon Oldham, said his client had been pressured into making the TV statement. "This was not his sentiment. He wants to continue. He is trying to get his wealth back," Oldham said.

Ho, who underwent brain surgery in 2009, appeared calm during his televised comments, but his voice was weak and slurred as he read from a cue card to appeal for harmony within his family.

Last month Ho gave his fourth wife, Angela Leong, a former dance teacher who has five children, a 7.03% stake in SJM, taking her shareholding to 7.63% and making her the second-largest single shareholder. Some analysts say the gift may have upset rival branches of Ho's clan under his second wife, Lucina Laam, and third wife, Ina Chan un-Chan, leading to the latest disputed asset transfer.

The restructuring in effect bolstered the third wife's stake in SJM to 8.9%, while the second wife's five children plus Shun Tak Holdings – a company in which Pansy Ho, a daughter of the second wife, is a major shareholder – now have effective control of about 15% of SJM.

Meanwhile Angela Ho, a daughter of Ho's late first wife, Clementine Leitao, said she couldn't believe her father would leave nothing to her mother's family. "Her connections in Portugal and standing in Macau society were a big factor for my father winning the gambling monopoly in 1961," she was quoted as saying.

Shares in SJM plunged by as much as 8.8% yesterday and another 3% today, stripping $1.17bn from the company's market value in a week.

Analysts said the firm's management was expected to steer a steady course. "In the very near term I think it's business as usual. It is kind of in autopilot mode," said Gabriel Chan, of Credit Suisse. "Unless what is going on will change things at the SJM management level, things seem to be OK. But of course if there is a change at the senior or top level, well no one knows."