Sunday, August 14, 2022

Ho’s nephew turns to new SJM controllers for dividend payout

Michael Hotung, the nephew of gambling legend Stanley Ho, has written to the new controlling shareholders of Sociedade de Turismo e Diversões de Macau (STDM) demanding HK$2 billion ($255 million) in unpaid dividends, according to the South China Morning Post.

STDM controls SJM Holdings and owns the largest number of casinos in Macau.

The newspaper claims the demand was made in a letter sent through his lawyer on Monday.

Hotung says the amount refers to unpaid dividends dating back to 2007 on SJM shares owned by his late mother Winnie Ho Yuen-ki. The shareholding represents 7.347 percent of STDM, the letter said. Hotung earlier this month launched legal proceedings against his uncle to recover the funds.
“It is most unacceptable that shareholders of a company are being refused their rights as shareholders, including their rights to payment of their dividends that the company had issued,” the SCMP cited the letter as saying.

Hotung also requested the new controlling shareholders of STDM to register him as the owner of the shares left by his mother as he is the sole heir to her will.

Last week, Pansy Ho, the oldest daughter of Stanley Ho, announced she was teaming up with other shareholders, to strengthen her grip on the operator of the Grand Lisboa.

An alliance was formed between Shun Tak Holdings, a company owned by Stanley Ho, Fok Foundation and three parties controlled by Pansy Ho – with the aim of “advancing fundamental objectives” in relation to the STDM Group, and SJM Holdings.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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