Lawsuit had accused family members of seizing control of his multibillion-dollar gambling empire
Macau casino tycoon Stanley Ho has withdrawn a lawsuit filed in Hong Kong in which he accused family members of seizing control of his multibillion-dollar gambling empire. News reports cited a statement from a Hong Kong public relations firm representing Ho’s second and third wives that said the ailing 89-year-old businessman “does not see any point in continuing the legal action”.
Ho filed the suit last week, accusing the 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 week 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.
Ho drops lawsuit against heirs
February 2, 2011