“Stanley Ho, the legendary Macau gambling tycoon, has passed away at the age of 98. In 2011, a public battle erupted between the families of Ho’s second and third wives who teamed up against his fourth wife, Angela Leong, over Ho’s empire including a 32 per cent stake in his Hong Kong-listed gaming vehicle, SJM Holdings. The family battle was joined when one of his daughters, Daisy, was blocked by the SJM management from serving on the company’s board. Daisy is the daughter of Ho’s second wife, Lucina Laam. SJM subsequently announced that Ms Leong, mother of Ho’s five youngest children, had been appointed managing director and had an 8 per cent stake in the company.”
This was reported in the FT and it describes a family falling out.
Every parent has no wish to see their offspring fighting with each other. So how do parents create the right atmosphere that makes for a cohesive family unit? When money is involved, the stakes are higher and parents need to find solutions that are fair. The more wealth you accumulate, the more wealth there is to potentially distribute. To make sure there is harmony, as parents, you often need help to discuss pragmatic ways forward. Who do you discuss your ideas and plans with? Hopefully not someone who wants to sell you a product, directly or most likely indirectly.