May 26, 2006 - A Hong Kong-based accountant told the judge that the sister of Macau's gaming tycoon "does not oppose" his company to be listed in Hong Kong's stock market.

The Court of First Instance continued the hearing regarding the application of Winnie Ho to file the resolution of the General Assembly of the STDM to have the SJM company listed in Hong Kong for further judiciary procedures.

According to Jornal Va Kio report, both Stanley Ho and Winnie Ho did not appear in court yesterday (25 May), and only the account of one witness, an English speaker, was recorded during the hearing.

This is because English is not the official language of Macau, and the translation took long.

The witness, who is known to be surnamed Robinson, is an accountant for Winnie Ho and her firm, Moon Valley. He said that she does not oppose SJM to be listed in Hong Kong's stock exchange, but only suspected that she received less yields as anticipated because of the way to share the special dividends.

Robinson claimed that STDM, SJM's mother company, distributes 15% of special dividends its priority shareholders, but the Hong Kong Stock Exchange does not have any arrangements on how special dividends should be distributed, although it is "rare" for companies to hand them out to priority shareholders.

The representing lawyer of STDM doubted how Robinson obtained this information, claiming that he could only know the information from an outdated translated version of the Statute of STDM.

Robinson also said that the 10% of share Stanley Ho holds is in fact owned by the STDM, since this proportion of shares was handed over to him by STDM in the form of trust. He also said that he got this information from his aide, and that Stanley Ho himself mentioned this in public.

He also pointed out that Winnie Ho did not see the accounts of STDM since 2002, and only knew the situation through reading documents and reports. She was refused entry to the General Assembly, and did not know anything about transfers of shares.

He also said that the floating of SJM will make the shares held by STDM less, and shareholders will make losses. But if the floating is halted, the shareholders will not make losses.

Leonel Álves, representative lawyer for Winnie Ho, proposed to attach Stanley Ho's accounts made last week into the case file, but the representative lawyer of Stanley Ho said that he is available to appear in court for clarification next week.

The hearing continues.

The Macao Daily News reported that there are a total of 18 cases concerning disputes between Stanley Ho and Winnie Ho, 14 of which are in Macau, and four in Hong Kong.

Of the cases in Macau, only one case has completed and one case is in progress. All four cases in Hong Kong are pending for hearing.

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