..

Stanley Ho Accuses Family of Stealing Gambling Assets

Written by:
Aaron Goldstein
Published on:
Jan/25/2011
Stanley Ho

Macau gambling magnate, Stanley Ho, is accusing family members of gambling assets.

What appeared to be a rather seamless transition just yesterday is turning into anything but on Tuesday.

“There was a concern among shareholders that there would be a bun fight [for control of the company], but that seems less likely, given these actions,” said Philip Tulk, an analyst with RBS, just yesterday.

Tulk may have spoken too soon, however.

Yesterday it was reported that Ho had transferred 31.65 per cent stake in STDM between his third wife, Chan-un-Chan, and his second wife’s five children - Pansy Ho, Daisy Ho, Maisy Ho, Josie Ho and Lawrence Ho.

Today, the 89-year-old casino mogul is claiming he’s been left with “almost nothing” and that the share transfer was done “without his consent”.

Ho’s lawyer issued a statement on behalf of his client.

"This is robbery," Gordon Oldham, a senior partner at the Oldham, Li & Nie law firm quoted the tycoon as saying.

Holding firm Lanceford Co, which represents Ho’s third wife and five children from his second marriage, said the billionaire had approved in writing the transfer of the bulk of his assets to various family members. 

"It is regrettable that Oldham, Li & Nie rushed to publicise these matters without checking the underlying facts in connection with the relevant transactions and we reserve our rights against that firm," a statement from that firm read.

Once the only game in town, Ho’s empire was at the forefront of Macau’s massive growth to overthrow Vegas as the world’s biggest casino destination in recent years.  Last year, Ho underwent brain surgery after suffering from a fall.  He spent months recuperating in a hospital.

Since 2002 other gambling ventures the likes of Sands and MGM have since entered the Macau market with great success.

Find Gambling911.com on Facebook.  Latest News Updates Around The Clock Here.

- Aaron Goldstein, Gambling911.com

Business/Financial News

'Sophisticated' Hacker Plunders $450,000 From Defi Protocol Balancer

'Sophisticated' Hacker Plunders $450,000 From Defi Protocol Balancer

In two separate transactions, an attacker targeted two pools containing Ethereum-based tokens with transfer fees – or so-called deflationary tokens.

Lobbyist Abramoff Charged in Cryptocurrency Fraud Case

Lobbyist Abramoff Charged in Cryptocurrency Fraud Case

Jack Abramoff, a once-powerful lobbyist who spent time in federal prison for fraud and corruption, has been charged in a San Francisco court in an investor fraud case involving cryptocurrency and lobbying disclosure, federal authorities announced Thursday.

New Zealand Seizes $90M From Russian Bitcoin Fraud Suspect

New Zealand Seizes $90M From Russian Bitcoin Fraud Suspect

New Zealand police said Monday they have seized $90 million from Alexander Vinnik, a Russian bitcoin fraud suspect who is in French custody but is also wanted in the United States.

Canadian Crypto Firm Collapsed Due to Ponzi Scheme by Late Founder, Regulator Says

Last year’s collapse of Canadian cryptocurrency trading platform Quadriga CX was due to a Ponzi scheme operated by founder Gerald Cotten, who died suddenly in December 2018, the country’s biggest securities regulator said on Thursday.

FC Barcelona vs. Real Mallorca Preview Betting Preview

FC Barcelona vs. Real Mallorca Preview Betting Preview

La Liga returns this weekend and we will have a very interesting game when Real Mallorca hosts FC Barcelona on Saturday. There will be many safety protocols in place, just like the Bundesliga did.

Syndicate