China Watch Blog has learnt that casinos tycoon Stanley Ho Hung-sun revealed last night he has dropped his legal action in his fight to recover his fortune.
The 89-year-old billionaire said he does not “see any point in continuing the legal action” against 11 defendants, including members from the second and third families.
Earlier, three of Ho’s families agreed to an equal split of his fortune, with only one – third wife Ina Chan Un-chan – against the idea, according to Ho’s lawyer.
Gordon Oldham said the arrangement was agreed to by Pansy Ho Chiu- king, daughter of Ho’s second wife Lucina Laam King-ying.
SJM announced on Monday that Ho had transferred his stake – valued at about HK$13.3 billion – in STDM, parent company of SJM, to Lanceford Co, in which Chan holds a 50.55 percent stake and the second family 49.95 percent.
Oldham said that after taking proceedings to court on Wednesday, a meeting took place in Macau between Angela Ho Chiu-yin – Ho’s daughter from first wife Clementine Leitao – Pansy Ho, and fourth wife Angela Leong On-kei representing the first, second and fourth families.
They agreed in principle that Ho’s wishes would be carried out in redistributing the Lanceford interests equally among the four families.
Pansy Ho was quoted as saying she was willing to do so but would have to consult with her four siblings and mother. She also said she would have to seek Chan’s agreement on the arrangement.
Angela Ho did not show up at a press conference on Thursday
initiated by herself while Stanley Ho was seen leaving Chan’s home in the evening for the second family’s home.If you think China Watch Blog's information is useful, click on cup of coffee on left hand side and make a small contribution via PayPal