Michael Hotung, nephew of SJM Holdings founder and Chairman Stanley Ho, is demanding that SJM and other members of the Ho family pay him HK$2 billion (US$255 million) to cover dividends owed to his late mother, Winnie Ho, plus interest.
Winnie Ho, who died last year at the age of 95, owned 7.3 percent of the casino operator in 2008, when it was still known as Sociedade de Turismo e Diversoes de Macau, or STDM. She was ousted from the company’s board in 2005 and sued for HK$3 billion in 2006, reported the Macau News Agency.
Her son, also known as Mak Shun Ming, filed a writ at the Hong Kong High Court against his uncle Stanley Ho, his aunt Nanette Ho, and SJM, reported the South China Morning Post. Hotung says dividends on more than 6,000 shares in STDM owned by his late mother have been unpaid since 2007.
