..

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

BTC Trend Targets $15K, Hovers Around $12K

The price of Bitcoin was hovering around the $12K mark Monday evening. 

New York Regulator Fast-Tracks 10 Cryptocurrencies

New York Regulator Fast-Tracks 10 Cryptocurrencies

The New York State Department of financial services (DFS), the Bitlicense regulator, has published a Greenlist comprising 10 cryptocurrencies for custody and eight cryptocurrencies for listing. “Any licensed entity may use coins on the Greenlist for their approved purpose(s),” the regulator explained.

Florida Teen Arrested as Mastermind of Twitter Bitcoin Scam

Florida Teen Arrested as Mastermind of Twitter Bitcoin Scam

In one of the most high-profile security breaches in recent years, bogus tweets were sent out on July 15 from the accounts of Barack Obama, Joe Biden, Mike Bloomberg and a number of tech billionaires including Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Tesla CEO Elon Musk. Celebrities Kanye West and his wife, Kim Kardashian West, were also hacked. 

Bitcoin Continues to Surge Past 11K, Bitcoin Cash Up 13.8 Percent

Bitcoin Continues to Surge Past 11K, Bitcoin Cash Up 13.8 Percent

Bitcoin once again was trading above the 11K mark Tuesday as the digital currency continues to surge.

Bitcoin Back Up Above $10K Sunday

Bitcoin Back Up Above $10K Sunday

After several weeks of trading in narrow ranges, bitcoin breached $10,000 on Sunday for the first time since early June.

Syndicate