Society

HK court rules Nina Wang's fortune belongs to charity

(Xinhua)
Updated: 2010-02-02 17:30

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HONG KONG: The estimated HK$100-billion ($12.9 billion) fortune left by late tycoon Nina Wang Kung Yu-sum belongs to Chinachem Charitable Foundation, the High Court of Hong Kong ruled Tuesday while denying the validity of the will possessed by businessman Tony Chan.

High Court judge Johnson Lam said in a verdict of more than 300 pages that he believed Wang's signature on the will made in 2006 submitted by Chan was forged.

Lam also said that he did not believe the relationship between Chan and Wang was such that Wang was prepared to give Chan her entire estate as Chan purported.

Wang died of cancer in April 2007 and the foundation she helped establish was expected to take control of her fortune. However, Chan produced another will, declaring he was the sole heir of the estate later in the same year.
In the 4-month-long trial, Chan claimed that he had developed a romantic relationship with Wang before she succumbed.

Wang met Chan through a friend in 1992 when Chan was a Feng Shui practitioner claiming that he was able to help find Wang's husband Teddy Wang who disappeared after being kidnapped in 1990.

Nina Wang, the richest woman in Asia announced by Forbes in 2007, was known for a sensational legal battle with her father-in-law Wang Din-shin over her missing husband's estate.

The Court of Final Appeal of Hong Kong ruled in 2005 that Nina Wang Kung Yu-sum was the sole beneficiary of her husband Teddy Wang Teh-huei's estate.

Wang's brother Kung Yan-sum said Tuesday at a press conference that he was happy about the judgment and will take good care of the foundation so as to achieve his sister's last wish of doing charity work in the society.

Chan said that he would appeal.