STDM majority shareholders urged to settle $255-M dividend dispute

The nephew of Sociedade de Turismo e Diversões de Macau (STDM) founder Stanley Ho is asking the company’s controlling shareholders to resolve his claim for HKD2 billion ($255 million) in unpaid dividends from 2007 onwards.

Michael Hotung, son of Winnie Ho, who had purchased the STDM shares in 1962, has already filed a petition at the Hong Kong High Court for the payment of the dividends. Included as respondents in the lawsuit were Winnie’s siblings Stanley and Nanette Ho Yuen-hung.

In a letter obtained by the South China Morning Post, Hotung asked for his cousin Shun Tak Holdings Managing Director Pansy Ho Chiu-king and the Henry Fok Foundation, who combined hold 53.012% of STDM shares, to facilitate the issuance of dividends from Winnie Ho’s 6,263 shares that make up 7.347% of the company.

The letter read, “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.”