Siblings are hopeful of agreement without need to return to court

Lawyers representing sons of the late tycoon Henry Fok Ying-tung have applied for adjournments in proceedings on three consecutive occasions, in their bid to seek an out of court settlement to end the family wrangle over the multi-billion dollar estate.

Lawyers will inform the judge the outcome of the discussions on Thursday. If no agreement is reached, the court will start hearing arguments on Friday through Monday. All defendants will be required to testify.

The case was brought by Benjamin Fok Chun-yue, the youngest son of Henry Fok's first wife Fok Lui Yin-nei, who is seeking a summary judgment - a ruling without a full trial - to dislodge his elder brother, Ian Fok Chun-wan, from the role of executor of his father's will. The petition alleges the elder Fok pocketed HK$1.4 billion from Henry Fok Estates.

Benjamin also seeks removal of his aunt Fok Mo-kan as executrix of the estate, claiming that the 85-year-old has played no role in the administration of the estate.

Together on the list of co-defendants are his 11 siblings, his mother and his father's two other wives, who are all beneficiaries of the legacy.

Henry Fok died of cancer at 83 in 2006, bequeathing a HK$29-billion inheritance and business empire to his family. According to his last will in 1978, Henry appointed Benjamin, Ian, his sister Fok Mo-kan and her husband (who died in 1993) to be executors and trustees of the estate.

Michael Thomas SC, appearing for Benjamin Fok, told Justice Jeremy Poon Shiu-chor that discussions were continuing but details could not be disclosed publicly.

The parties involved won't say if discussions will lead to a final agreement, but it is believed that the family hopes to reach a consensus without returning to court.

In another lawsuit, Benjamin is seeking to recover from Ian the shareholdings in several offshore firms, offshore bank account assets and shares in the estate. Benjamn claimed Ian had appropriated the assets without the knowledge or consent of other executors and had failed to provide authorizations.

Meanwhile, Benjamin Fok is asking the court to order his eldest brother Timothy Fok Tsun-ting, an outgoing lawmaker and member of the International Olympic Committee, to hand over their father's "black book", in which he kept records of his assets and other information.

At the end of June, the Hong Kong Mortage & Loan Corporation Limited, a company controlled by children of Fok Lui Yin-nei, claimed nearly HK$1.1 billion including interest from executors of Henry Fok Estates for a debt that Henry Fok undertook when he was alive.

Benjamin Fok earlier dismissed speculation that the three brothers were trying to divide family fortunes, saying it is a formal procedure to retrieve the money.

Henry Fok was one of Hong Kong's most powerful businessmen who had built important ties with the mainland at the time of the Korean War. His fortunes began to snowball in the 1950s when he staked a claim in the local real-estate boom and in Macao's blossoming gaming industry. Later he invested in the mainland.

He was named a member of the Chinese People's Political Consultative Conference in 1980, and was promoted to vice chairman in 1993 - a position he held until he died.

mingyeung@chinadailyhk.com

(HK Edition 08/02/2012 page1)