Kung Yan-sum, the brother of the late Nina Wang,
told the
Financial Times
that the family-run charitable foundation that won control of her assets in a sensational legal case will consider listing the company that she and her husband founded, though there are no immediate plans to do so. The company, Chinachem Group, is Hong Kong’s biggest private developer, the
FT
report noted.
Nina Wang died of cancer in April 2007. In February 2010, a Hong Kong court awarded all of her fortune to the Chinachem Charitable Foundation. Kung, who had been a doctor, heads the property developer. He said Wang’s estate was worth between $5.1 billion and $6.4 billion.
In a long-running and high-profile case, the court rejected claims by Tony Chan, a
feng shui
master, who said he was Ms. Wang’s secret lover and that she had wanted to leave her estate to him.
The FT report noted that Chan’s lawsuit
echoed the inheritance battle between Ms. Wang and her father-in-law, who vied for control of Chinachem after her husband Teddy was declared legally dead in 1999, nine years after he was abducted. Ms. Wang won that battle in 2005, making her Asia’s richest woman.
Kung told the FT that all major business decisions regarding Chincachem must be discussed with accountants from Deloitte Touche Tomatsu, appointed by the court as administrators of Wang’s estate in 2007. They are still overseeing the company because Chan said he would appeal the verdict, the article said. (Source:
Financial Times,
March 9, 2010.)
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