Billionaire Hong Kong businessman Tony Fung is at war with minority shareholders in a prize-winning racehorse called Laws of Indices who are fuming that the horse is being sold for just $25,000.

Mr Fung has vast racing and gambling interests, and owned the Canberra casino until 2023. He had proposed an $8 billion resort and casino in Cairns through his Aquis development group before walking away from that project. Since then, he has spent millions of dollars on horses, and has often been the biggest spender at events like the Magic Millions auctions.