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Asian Casino King Stanley Ho Settles Family Feud

KELVIN CHAN ABC News 03/11/2011 06:33
Asian Casino King Stanley Ho Settles Family Feud - Stanley Ho - China - Taiwan - casino - Business

Asian casino king Stanley Ho announced Thursday that he has dropped a lawsuit against some of his family members and settled an inheritance dispute over a stake in his Macau casino empire worth about $1.5 billion.

The high-stakes drama offered a glimpse into the private life of one of Hong Kong's wealthiest men and highlighted the ugly power struggle for control of Hong Kong-listed casino operator Sociedade de Jogos de Macau, or SJM.

A joint statement released by Ho and his family said the dispute had been "fully resolved" and an agreement reached.

The 89-year-old Ho made headlines in Hong Kong and around the world earlier this year after he disputed the transfer of the stake to the families of his second and third wives. Ho's lawyer had said the ailing tycoon, who was hospitalized for seven months after reportedly undergoing brain surgery in August 2009, was misled into signing over the shares.

Ho has 16 surviving children by four women he calls his wives. He said he wanted to divide his assets equally among the families.

The statement said Ho acted in person to file a notice on Feb. 21 to drop the lawsuit, which had been filed at Hong Kong's High Court five days earlier. A settlement among all branches of the family was reached on March 8, it said.

"We have agreed that we will work together to and continue to develop the gambling business in Macau founded by Dr. Ho," it said.