Billionaire Stanley Ho filed a new lawsuit against some family members to regain control of his stake in Asia’s biggest casino company, his lawyer Gordon Oldham said today.
A writ
The 89-year-old chairman of SJM is embroiled in a family feud over the stake that’s worth at least HK$11.2 billion ($1.44 billion) based on today’s prices. Videos shown by Oldham on Jan. 31 showed the patriarch saying Pansy Ho and other family members seized his holdings from him and that he’d been forced to make a televised statement saying the dispute was over.
Stanley Ho sued the two daughters for “breach of an oral agreement,” made on Jan. 27, to return the contested shareholding, according to the writ.
Oldham has said Ho instructed him to regain control of Lanceford, a holding company that holds 31.7 percent of closely held STDM, which has stakes in gambling, hotels and the former Portuguese colony’s airline. STDM owns 56 percent of SJM, according to data compiled by Bloomberg. SJM which runs most of the casinos in Macau, where gambling revenue is more than four times that of the Las Vegas Strip.
Joseph Lo, an external spokesman for Lanceford at Brunswick Group, declined to immediately comment.
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