Money can tear anyone apart, even one’s own flesh and blood.
Take the Stanley Ho family, for instance.
Ho, a casino tycoon who turned Macau into a popular gambling destination, amassed a fortune estimated to be HK$50 billion (US$6.4 billion) when he retired in 2018.
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The tycoon died on 26 May this year, leaving behind three wives and 14 of his 16 children.
But instead of bringing them together, his death has caused a rift between those fighting for his fortune.
Deborah Ho’s Legal Action
It all started when Deborah Ho, daughter of his first deceased wife, took legal action to register her interest in her late father’s estate, according to South China Morning Post.
Deborah demanded that her elder sister, Angela Ho Chiu-yin, inform her lawyers before any grant is sealed in their father’s estate.
According to SCMP, this grant is an official document that names the person entitled to deal with the estate.
The person named will collect assets, pay debts and liabilities, and distribute the balances to beneficiaries.
Deborah is also asking for other deeds and documents related to changes to the trusts’ arrangement. This includes things like trust deeds, full trust accounts, and financial statements.
But why has this caused a rift?
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Well, there’s an implication in this legal move: that she, as a beneficiary, has been denied access to information relating to the trusts.
In other words, she’s suing her sister because she wants access to financial documents to ensure that she’s actually getting her share of the spoils.
This is why Deborah also demanded that she be provided with copies of all communications that had been made between Angela or other previous trustees and their legal advisers.
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Angela Ho’s Response
In response, Angela’s lawyers said that it was unfortunate that Deborah had issued legal proceedings against her to obtain the documents, calling it “completely irresponsible and inappropriate”.
They claimed that all beneficiaries were aware of the status of the estate’s assets and performances because it was revealed to them during meetings held every year.
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The lawyers also questioned Deborah’s claim about her destitute state in Macau.
“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 (US$12.5 million)”.
“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” Angela said.
According to SCMP, the family hasn’t even picked a date for Stanely Ho’s funeral yet.
One of Angela’s lawyers said that she doesn’t intend to file a similar notice at this stage.
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Sadly, as The New York Times reported, Stanely Ho’s last few years were filled with bitter disputes among his family members who were interested only in staking a claim to his fortune.
It seems like this familial battle for his estate has only gotten more intense after his death.
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