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Stanley Ho drops legal action against family member
January 31, 2011, Monday
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MACAU casino magnate Stanley Ho said today that he has dropped a lawsuit against his children and others in a family feud, which involves billions of dollars and the succession of his gambling empire.
The move marks another U-turn by Ho, chairman of Macau's biggest casino operator, SJM Holdings , in the zig-zag tussle for the 89-year-old tycoon's assets.
Last Wednesday, Ho filed a court claim in a bid to recover his assets just hours after he had gone on television to say he would not sue and that he wanted to resolve the matter privately with his family.
"Dr. Stanley Ho has informed the defendants that he does not see any point in continuing the legal action in the High Court," Brunswick said in a statement. Brunswick is the public relations representative of Ho's second and third families.
A court document, which was signed by Ho and forwarded to media by Brunswick, showed the legal action against all 11 defendants was discontinued on January 29.
Ho said in a separate statement that it was unfortunate that it brought disturbance and worry to his beloved wife and children. The Macau casino king has four wives and at least 17 children.
Ho's lawyer, Gordon Oldham, was not immediately available for comment. Oldham said on Thursday that he had filed a court claim on Ho's behalf against the children, including Pansy and Lawrence Ho, other relatives and companies, late on Wednesday.
The move marks another U-turn by Ho, chairman of Macau's biggest casino operator, SJM Holdings , in the zig-zag tussle for the 89-year-old tycoon's assets.
Last Wednesday, Ho filed a court claim in a bid to recover his assets just hours after he had gone on television to say he would not sue and that he wanted to resolve the matter privately with his family.
"Dr. Stanley Ho has informed the defendants that he does not see any point in continuing the legal action in the High Court," Brunswick said in a statement. Brunswick is the public relations representative of Ho's second and third families.
A court document, which was signed by Ho and forwarded to media by Brunswick, showed the legal action against all 11 defendants was discontinued on January 29.
Ho said in a separate statement that it was unfortunate that it brought disturbance and worry to his beloved wife and children. The Macau casino king has four wives and at least 17 children.
Ho's lawyer, Gordon Oldham, was not immediately available for comment. Oldham said on Thursday that he had filed a court claim on Ho's behalf against the children, including Pansy and Lawrence Ho, other relatives and companies, late on Wednesday.
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