Scammer
Banned
-- A family squabble for one of Asia's greatest fortunes burst into the open on Tuesday, as lawyers and relatives of Stanley Ho, the Macao casino tycoon, argued over the validity of a controversial share transfer.
SJM Holdings, Mr Ho's casino flagship, said this week that the tycoon had transferred his 32 per cent stake in SJM's parent company, Sociedade de Turismo de Macau, to the third of his four wives and also to the five children from his second marriage. Mr Ho, who is 89 and in poor health, has had at least 16 children by four wives, setting the stage for a potentially rancorous inheritance battle.
However, a lawyer for Mr Ho subsequently described the transfer as a "robbery", saying the family members had seized effective control of Mr Ho's casino empire "without his consent and knowledge".
Adding to the confusion late on Tuesday, the beneficiaries of the transaction distributed signed statements by Mr Ho disputing the lawyer's claims and saying the transfer had been "100 per cent" in accordance with his wishes. "Recently a storm in the Ho family has engulfed the city," the statement attributed to Mr Ho said. "I feel it is time to stop."
The original transfer did not include Angela Leong, Mr Ho's fourth wife, or their five children. Ms Leong is also SJM's managing director and has an 8 per cent stake in the company. Forbes last year estimated that Mr Ho was worth $3.1bn, while SJM has a market capitalisation of HK$75.5bn (US$9.7bn).
Ho family"It's quite amazing what's happening," said Aaron Fischer, an analyst with CLSA. "As of [Monday] we thought the succession issue had been resolved, but now we expect it to drag on for a long time and for SJM to trade at a discount to its peers."
Mr Ho's Macao casinos control almost a third of the world's most lucrative gaming market. Large numbers of wealthy mainland Chinese gamblers helped Macao surpass Las Vegas in 2006 as the world's largest gaming centre.
Last week, SJM received a letter signed by Mr Ho and Daisy Ho, one of his children, stating that the billionaire had transferred his stake in SJM. But a lawyer acting for Mr Ho, Gordon Oldham, said the tycoon had been unaware of what he had signed.
"We have him on video this morning saying: 'Get me [my stake] back,'" Mr Oldham told the Financial Times.
Brunswick, a public relations company acting on behalf of the family members who benefited from the transfer including Daisy Ho and her sisters Pansy and Maisy, said Mr Ho had approved the transfer of his stake in SJM.
"All of the material steps which led to the [transfer] ... were approved or authorised in writing by Dr Stanley Ho," Brunswick said.
People familiar with the company said that this week's controversy meant a battle for control of Mr Ho's casino empire had been joined in earnest.
Ms Leong's appointment as SJM managing director was approved by the Macao government last month and she is unlikely to be removed.
However, one person close to the dispute said that Daisy and Pansy -- and their siblings and allies would still have enough votes to control SJM.
