Nephew of ‘King of Gambling’ Stanley Ho calls for STDM’s new controlling shareholders to settle HK$2 billion in unpaid share dividends
- Michael Hotung urges controlling shareholder alliance of STDM to make good on dividend payments dating back to 2007 for shares owned by his late mother, Winnie Ho
The nephew of “King of Gambling” Stanley Ho has written to the new alliance controlling his uncle’s casino empire demanding HK$2 billion (US$255 million) in unpaid dividends.
Michael Hotung, also known as Mak Shun-ming, sent the letter via his lawyer on Monday.
In the letter seen by the Post, he urged the new controlling shareholders of STDM, which refers to Shun Tak Holdings managing director Pansy Ho Chiu-king and the Henry Fok Foundation, to pay what he estimated to be worth HK$2 billion in unpaid dividends from the 6,263 STDM shares owned by his late mother Winnie Ho Yuen-ki since 2007.
The shareholding represents 7.347 per cent of STDM, the letter said.
“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 letter said.
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.
