Casino Tycoon Administrators Seek to Defend Ho’s Estate

(Bloomberg) — Five years after Macau casino magnate Stanley Ho passed away, lawsuits involving the billionaire’s assets continue to pile up. 

In the latest incident, the administrators of Ho’s estate are bringing 18 of his descendants to court to seek a judge’s direction on the payment of costs and expenses that would be incurred from representing Ho in another case involving his late sister’s estate executor. 

The individuals asked to attend comprise Ho’s children, including the chairperson of MGM China Holdings Ltd. Pansy Ho and the founder of NIP Group Inc. Mario Ho, and several of his grandchildren. The latest suit was filed in March in Hong Kong by Patrick Cowley and Lui Yee Man of KPMG Advisory (Hong Kong) Ltd., who are Ho’s estate administrators.

The duo are asking the court to grant them the rights to defend the estate and take part in a legal case against the estate executor for Winnie Ho, who died in 2018. They are also seeking compensation for expenses and some other costs, a process in which they want all the estate beneficiaries to have a chance to participate in. 

While the estate’s beneficiaries are listed as defendants in this March case, the administrators said there is no dispute between them and the descendants, said Cowley, one of the administrators.

“The administrators and beneficiaries are aligned in defending the estate’s interests in the underlying litigation,” he added.

Back in 2019, Winnie’s estate executor sued Stanley Ho, her older sister Nanette Ho, and a company called Sociedade de Turismo e Diversões de Macau, which controls the family’s casino business. 

That suit said Winnie is owed dividends since 2007 for 6,263 shares that she held in the company, and is seeking compensation from the defendants. The dividends amount to at least HK$1 billion ($129 million), according to calculations by Bloomberg news based on filings.

Ho was 98 when he died in 2020. He had fathered 17 children with different women he called wives, making for a sprawling and complex family tree that’s had its share of disputes. He left no will and a local court was tasked with naming administrators for his estate after the family failed to reach an agreement.

–With assistance from Venus Feng.

(Updates with comments from Ho’s estate administrators.)

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