Is Billionaire Stanley Ho divorced from his second wife? And is “wife” number three and her kids trying to steal his billions?
Is Billionaire Stanley Ho officially divorced from his second wife? I don’t know. But the number 13 richest man in Hong Kong according to Forbes, has a third woman who bore him five kids – a de facto third wife -and it seems that this third wife and her five children with Stanley (they have the cutest names, Daisy, Pansy, Maisy and Josie and Lawrence Ho) have managed to get the 89 year old billionaire to sign over a significant stake in his gambling company to them. According to Bloomberg, that is not sitting well with his previous family, or with his lawyers. In all, the billionaire has seventeen children by approximately four women and he’s currently dating a fourth woman by the name of Angella. Says Bloomberg:
Ho may take legal action to keep his 31.7 percent stake in Sociedade de Turismo e Diversoes de Macau, S.A., which represents the majority of the value of his assets, Oldham [Ho’s attorney] said. The transfer of STDM assets to the woman he refers to as his third wife and five of his children, announced Jan. 24, went against his wishes to divide them equally among his family, Oldham said.
The disputed stake was worth at least $1.67 billion based on SJM’s closing price yesterday, based on data compiled by Bloomberg. The casino company’s stock traded at HK$12.98, down by 5.9 percent, as of 10:21 a.m. Hong Kong time.
STDM owns 56 percent of SJM, according to data compiled by Bloomberg.
“What really upsets him is that he’s not even dead yet, but in the twilight of his life his second and third families appear to be squabbling and pinching it for themselves,” Oldham said yesterday.
In his office, Oldham showed stills from a video of himself chatting with Ho, who wore a powder blue zip-up sweater, had his gray hair brushed back and sat next to current companion Angela Leong. The video was made yesterday at Ho’s home and showed the magnate “has all his faculties,” Oldham said.
Ho was hospitalized in August 2009 after an accident and underwent at least two surgeries during a seven-month stay.
Wow. I really wonder if he was really married to wifey number three or whether this is a common law type scheme? Because if it is, and he croaks, then wife number two could claim the lion share of his estate, since there was no official divorce. Unless Macau recognizes common law marriages. Unfortunately, I don’t have the time to research that question. But it sure poses an interesting question and a very interesting case.
Read more of the story over at Bloomberg. Go here: http://www.bloomberg.com/news/2011-01-25/stanley-ho-accuses-family-members-of-seizing-stake-in-macau-gaming-empire.html