Ho family settles casino ownership tiff
March 10, 2011
A two-month dispute over the ownership of Macau casino company Sociedade de Turismo e Diversoes de Macau SA between founder Stanley Ho and various family members has finally been resolved.
Details of the resolution were not released reports the Wall Street Journal. According to a statement released by Ho’s office “All members of the Ho family have reached full and final agreement based on the principle of ‘mutual understanding and mutual accommodation,’”
Ho has filed and withdrawn various lawsuits accusing his second and third wives and five of his children of improperly or illegally seizing control of the holding company that handles his US$3 billion-plus fortune. The past months has seen a flurry of claims and counter-claims over Ho’s action with contradictory messages from the ailing tycoon, wives, children and lawyers. He has 17 children from four marriages.
Ho is the largest operator in Macau’s $23 billion casino gambling market, and his domination of the peninsula’s economy extends also to holdings in real estate, transportation and banking.
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