Macau’s Billionaire ‘King of Gambling’ Gets Sued By His Nephew For $255 Million
Macau’s “King of Gambling,” Stanley Ho Hung-sun, is facing a lawsuit filed by his own nephew for alleged unpaid shares dividends.
Based on court documents, plaintiff Michael Hotung, aka Mak Shun Ming, is suing the renowned casino tycoon for 2 billion Hong Kong dollars ($255 million).
Hotung reportedly filed the writ at the Hong Kong High Court against his uncle, his aunt Nanette Ho Yuen-hung, and casino operator Sociedade de Turismo e Diversões de Macau (STDM) in Macau on Tuesday.
The plaintiff reportedly filed the writ on behalf of the estate of his mother Winnie Ho Yuen-ki, who passed away last June at 95 years old. The writ states that Hotung is the sole executor of her will.
Hotung was born out of wedlock by Winnie Ho and billionaire Eric Hotung, her cousin and secret lover who died in October 2017, the South China Morning Post reports.
Hotung claims that the dividends on more than 6,000 shares purchased by his late mother in STDM have not been paid since 2007. According to the writ, he is also claiming interest payments for the said amount.
While the order did not specifically list the demanded amount, the Post cited sources privy to the case that Hotung wanted $255 million in compensation.
Stanley Ho co-founded STDM more than half a century ago, leading a monopoly in Macau’s gambling industry up until 2000 when other firms were granted licenses to operate.
Stanley Ho’s sister Winnie Ho invested in STDM and helped in running it in the 1960s and 1970s, the order stated. It further noted that Winnie Ho invested millions of dollars in the company since 1962 and owned 6,263 shares, which, as of 2008, represented 7.34 % of STDM.
The siblings’ relationship was reportedly marred by a series of legal disputes since 2000 over control of STDM.