The Macau Metro Monitor, February 16, 2011
STANLEY HO FILES NEW LAWSUIT WSJ, Bloomberg
Stanley Ho has filed a new lawsuit against Pansy Ho and Daisy Ho, a company controlled by their family, and another company controlled by Ina Chan, Ho's 3rd wife, and Lanceford Co. Ltd--the 5th defendant.
The new writ includes the following:
- An order declaring that the transfer of Ho’s interest in Lanceford Co., which holds a 31.7% of closely held STDM was made without Ho's approval.
- Pansy and Daisy Ho “improperly and/or illegally” transferred 99.98% of Lanceford’s shares to a company they control along with their siblings and another controlled by Ina Chan.
- A new allegation that Pansy and Daisy exerted “undue influence” when they transferred a 4.84% stake their father owned directly in STDM to Lanceford.
- Injunctions to restrain the companies that hold the contested stake from selling the shares or voting on them, and for Pansy and Daisy Ho to be restrained from transferring or dealing with his holdings in any other companies, including Shun Tak Shipping Co. and Hanika Realty Co. Hanika owns at least 18.4% of ferry operator and property developed, Shun Tak Holdings Ltd. Shun Tak Shipping owns another 10.7%.
Lawrence Ho, Maise Ho, and Josie Ho are not named in the latest suit. "Promises made by Pansy and Daisy Ho to return Lanceford Company Limited back to Dr. Ho have been broken and it would appear that they do not intend to keep to their word," Gordon Oldham, Mr. Ho's lawyer, said in a statement.
MACAU: BORDER CROSSING TIME MAY EXTEND Macau Daily News
Border crossing hours between the boarder gate and Zhuhai may be extended for two more hours, after the Gongbei border expands in August, according to the Macau deputy to the National People’s Congress.
PACKAGE TOURS AND HOTEL OCCUPANCY RATE FOR DECEMBER 2010 DSEC
Visitor arrivals in package tours increased by 7.8% YoY to 524,527 in December 2010. Visitors from Mainland China (364,265), Hong Kong (35,331) and Republic of Korea (17,435) rose by 9.5%, 36.3% and 114.5% respectively, while those from Japan (21,568); Taiwan, (20,388) and Malaysia (16,473) decreased by 14.3%, 19.9% and 2.1% respectively.
PRIVATE PROPERTY SALES HIT 3-MONTH LOW IN JAN Strait Times
1,189 new units in Singapore were sold last month, down 11% in December and nearly 40% lower than November. But the number still came in higher than market estimates.