Hong Kong tycoon Stanley Ho's daughter mounts legal action over family trusts
A rift has surfaced among gaming magnate Stanley Ho Hung-sun’s next of kin over his two family trusts.To get more news about stanley ho daughter, you can visit shine news official website.
Deborah Ho, a daughter of the tycoon’s deceased first wife Clementina Leitao, triggered a legal action in the High Court last Tuesday by asking her elder sister, Angela Ho Chiu-yin, who is the trustee of The Clementina Ho Trust and The Stanley and Clementina Family Trusts, to provide her with deeds and documents related to changes to the trusts’ arrangement.
Deborah, as a beneficiary, also requested that Angela elaborate on the amount and state of property of the trusts.
Trust deeds, deeds involving removal and appointment of trustees, information of changes in the structure of the trusts, full trust accounts and financial statements and documents concerning remuneration received by Angela or other previous trustees were among the information she is seeking.
Deborah also requested that her sister provide copies of all communications that had been made between Angela or other previous trustees and their legal advisers.
The minutes of three meetings between Angela and the beneficiaries, including herself, between 2013 and 2015 in her lawyers’ firm, and the minutes and PowerPoint slides relating to a meeting on January 15 in the same location were also requested.
A Friday statement Angela’s lawyers issued on her behalf said it was unfortunate her sister had issued proceedings against her to obtain the documents.
It said under Angela’s management, the trusts had outperformed the market and had been operating in a compliant manner. All beneficiaries’ needs had been taken care of equally, and Deborah had not been denied any access to information relating to the trusts, it said.
The trusts had held annual meetings to reveal to all beneficiaries the status of its assets and performances. Deborah’s questions were also addressed during the meetings.Deborah claims that she is ill in Macau and poor, and this is unfortunately a fabrication as she has received distributions annually on time and has received around HK$97 million (S$17.9 million),” it said.
Angela was quoted as saying: “I am very sad and dismayed that all the family members have been dragged into this matter due to Deborah’s unnecessary and disruptive actions.”
“King of Gambling” Stanley Ho, 98, one of Asia’s richest men, monopolised the gaming industry in Macau until 2002, when the casino hub’s government introduced foreign investors.
The Hong Kong-Macau business magnate co-founded SJM Holdings in 1962, which owns nineteen casinos in Macau including the Grand Lisboa. He has four wives and 17 children.