HONG KONG Feb 8 Macau gaming magnate Stanley Ho
is set to take fresh legal action against family members, his
lawyer said on Tuesday, in the latest U-turn in a dynastic
tussle for control over one of Asia's largest fortunes.
Ho, the 89-year-old chairman of Macau's biggest casino
operator, SJM Holdings , has been embroiled in a battle
for control of his assets with three of his four wives and 17
children, whose controversial asset transfer has effectively
whittled down the bulk of Ho's shareholdings in SJM to nothing.
For decades, Ho oversaw the biggest gambling operation in
Macau, a former sleepy Portuguese colony down the Chinese coast
from Hong Kong. His firm SJM still controls more than 30 percent
of the gaming market in the glitzy neon hub.
Ho, who appealed for family unity in videotaped comments
posted on YouTube last month before the Lunar New Year holidays,
said that he was dropping the lawsuit against his family to give
them a chance to return his assets amicably.
But following a lull in proceedings over the holidays, Ho's
lawyer said he would once again resume legal action against
members of his second and third family, which include daughters
Pansy and Daisy Ho, as they have failed to reach any agreement
to reverse the asset transfer.
"We have not received any proposal from Daisy and Pansy Ho,"
Ho's lawyer, Gordon Oldham, told Reuters.
Oldham said a new court case would be filed on Wednesday
against Ho's family to recover his assets.
Pansy Ho, considered one of Asia's leading businesswomen,
also runs a major casino in Macau with U.S.-based MGM Mirage
. She was accused by Ho of being a key player in the
SJM's share prices have tumbled about 8 percent since the
saga unfolded, wiping nearly $1 billion off its market
(Reporting by Farah Master; Editing by James Pomfret and Yoko