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Stanley Ho's children at odds over the value of his estate
The late gambling mogul Stanley Ho Hung-sun did not leave any will, and his children are at odds as to the value of his estate, a High Court was told.
Pansy Ho Chiu-king estimated that their father's estate is worth at least HK$1.72 billion -- far less than Angela Ho Chiu-yin's estimate of HK$11 billion.
Ho died in May last year at the age of 98. He fathered 17 children with four “wives”, and his children have disagreed on how his estate should be managed.
In a prelude to a family infighting, Ho's children are seeking a court decision on whether two people should be added to manage Ho's estate.
The court adjourned the case on Tuesday for a written judgment.
Angela Ho, the second daughter of Ho's first wife Clementina Leitao, applied to add Edward Simon Middleton and Tiffany Wong Wing-sze from Alvarez & Marsal Asia Ltd., as estate managers, on top of two existing KPMG managers.
It was opposed by Pansy Ho, the first daughter of Ho's second wife Lucina Laam King-ying.
Representing Pansy, senior counsel Paul Shieh Wing-tai said among 18 people who can inherit Ho's fortunes, 15 agreed or did not oppose the arrangement on the two KPMG managers. They include Leitao's third daughter Deborah Ho Chiu-hung and the two daughters of Leitao's late son Robert Ho Yau-kwong.
When Angela Ho proposed adding two more managers, she was supported by Ringo Munnjung Ho-Siu, the daughter of Leitao's late daughter Jane Ho Chiu-ying. The two granddaughters also said they would not object to the proposal.
Shieh said Angela Ho did not question KPMG's ability and the court should consider the preference of most of the children, and deny the addition of the two Alvarez & Marsal managers.
Shieh added that the Ho family had a dispute back in 2010, but it has been resolved, according to a joint statement released back then.
Senior counsel Douglas Lam, representing Angela Ho, said his client could not participate in discussions for deciding the estate manager. She was told about the appointment of KPMG by letter.
Lam said all of the children involved should have the right to choose the manager. Angela Ho is willing to compromise by adding the Alvarez & Marsal representatives, instead of demanding to replace KPMG altogether.
Alvarez & Marsal charges 30 percent less than KPMG. If representatives of the two firms work together, they can each work to their strengths, he said.
Ho died in May last year at the age of 98. He fathered 17 children with four “wives”, and his children have disagreed on how his estate should be managed.
In a prelude to a family infighting, Ho's children are seeking a court decision on whether two people should be added to manage Ho's estate.
The court adjourned the case on Tuesday for a written judgment.
Angela Ho, the second daughter of Ho's first wife Clementina Leitao, applied to add Edward Simon Middleton and Tiffany Wong Wing-sze from Alvarez & Marsal Asia Ltd., as estate managers, on top of two existing KPMG managers.
It was opposed by Pansy Ho, the first daughter of Ho's second wife Lucina Laam King-ying.
Representing Pansy, senior counsel Paul Shieh Wing-tai said among 18 people who can inherit Ho's fortunes, 15 agreed or did not oppose the arrangement on the two KPMG managers. They include Leitao's third daughter Deborah Ho Chiu-hung and the two daughters of Leitao's late son Robert Ho Yau-kwong.
When Angela Ho proposed adding two more managers, she was supported by Ringo Munnjung Ho-Siu, the daughter of Leitao's late daughter Jane Ho Chiu-ying. The two granddaughters also said they would not object to the proposal.
Shieh said Angela Ho did not question KPMG's ability and the court should consider the preference of most of the children, and deny the addition of the two Alvarez & Marsal managers.
Shieh added that the Ho family had a dispute back in 2010, but it has been resolved, according to a joint statement released back then.
Senior counsel Douglas Lam, representing Angela Ho, said his client could not participate in discussions for deciding the estate manager. She was told about the appointment of KPMG by letter.
Lam said all of the children involved should have the right to choose the manager. Angela Ho is willing to compromise by adding the Alvarez & Marsal representatives, instead of demanding to replace KPMG altogether.
Alvarez & Marsal charges 30 percent less than KPMG. If representatives of the two firms work together, they can each work to their strengths, he said.
