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Tycoon Fok to Leave Partnership with Stanley Ho

``Beijing-linked tycoon Fok says he will sell his 23,623 shares in Sociedad de Turismo e Diversoes de Macau (STDM) by March 31, when its casino monopoly expires.

``…In an interview with the pro-Beijing daily Ta Kung Pao yesterday, he said the decision was a matter of `personal preference' and had nothing to do with the future direction of STDM .

``Ho recently won another casino licence by bidding under Sociedade de Jogos de Macau.

``Fok said the proceeds from the sale of his stake would be used to set up a charity foundation to help Macau develop its cultural and leisure activities.

``He said he had never meant to take part in Macau's gambling business when he lent $400,000 to Ho in 1961. The understanding was that Ho would place `a minimum bid' at the last minute to save face but give way to local interests.

``He said Ho had asked for the money because he did not have enough cash to make up the $1 million required minimum bid, which he wanted to place because people were speculating he would not dare to do so one day before the deadline.

``But Ho ended up winning with a $3.16 million bid the next day. STDM was formed and began its casino monopoly in 1962.

```I became a director of STDM under the circumstances,' Fok said.

``…Fok had complained about receiving just over $126 million of STDM's $1.4 billion profit last year despite owning 27 per cent of the shares.

``…Fok admitted he rarely visited Macau in the 40 years since STDM was set up because he had no interest in the casino business…"

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