Stanley Ho Plans to Sue his Own Family Over Casino Feud
Macau Casinos
Following many months of arguments, casino giant and chairman of SJM Holdings, Stanley Ho has filed a claim to a Hong Kong court which will sue a number of his family members.
Ho will be taking action against his third wife and the five children of his second wife who are reported to have issued a number of new shares which in effect, made Ho’s stake much less significant and diminished his power within the company.
Ho is hoping to recover billions of dollars that he claims he has missed out on and has finally taken legal action after publicallly announcing that he would prefer to settle out of court.
Gordon Oldham, Ho’s lawyer emphasised that this was not how his client had wanted to deal with the situation.
Oldham added: “This was not his sentiment. He is trying to get his wealth back.”
Shares in the 89 year olds company have dived by as much as 8.8% in just one day and with the company appearing to be in turmoil, they appear to not be going any way other than down.
A representative from Credit Suisse commented on the organisation by saying that the confusion shouldn’t affect the day to day business too much.
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