Macao billionaire Stanley Ho has no intention of legal action to reverse the transfer of his 31.7 percent stake in Sociedade de Turismo e Diversoes de Macau SA to his third wife and the five children from his second marriage, according to the Financial Times Thursday (Jan 27).
In a rare television appearance the previous day, the 89-year-old Ho said a family dispute over his fortune was now over.
On Monday, media reports said Ho had transferred his stake in the company that indirectly controls his casino and hotel properties. But on Tuesday, his lawyer said Ho believed the shares had been transferred "fraudulently."
Ho's television declaration may have eased concerns about a legal battle among members of the Ho clan, which includes 16 children from four wives.
Ho's casinos control about a third of Macao's gaming market, the largest in the world since 2006. Forbes last year estimated that the rags-to-riches tycoon was worth about 3.1 billion dollars.
