BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific Chinese Vietnamese Burmese Thai Indonesian
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
 You are in: Asia-Pacific  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
LANGUAGES
EDITIONS
Thursday, 1 August, 2002, 11:53 GMT 12:53 UK
HK's richest woman gets legal setback
Nina Wang
Ms Wang says her husband left everything to her
Nina Wang - the richest woman in Hong Kong - has been ordered to pay millions of dollars of dividends from disputed shares into a court account.

The ruling from Hong Kong's Court of Appeal is part of a series of legal actions surrounding the estate of Ms Wang's late husband Teddy which is said to be worth around $3.5bn.

In-laws' legal fight
Both Teddy Wang's father and wife claim to be his sole beneficiary
They are fighting over his $3.5bn fortune
Ms Wang says he wrote a new will a month before he was kidnapped, never to be seen again
The elder Mr Wang says that is a lie
Ms Wang's father-in-law says she faked a will for her own profit while the administrators of her husband's estate accuse her of expropriating company shares.

Teddy Wang was kidnapped in April 1990 and though his family paid a $33m ransom, he was never seen again. His was declared legally dead in September 1999.

Within months of Mr Wang's disappearance, 19,998 main shares in Hong Kong company Chime Corporation Limited - part of the Chinachem Group - had been transferred to Ms Wang.

At the same time, 15 million minor shares in the company were allotted to Ms Wang.

The administrators of Mr Wang's estate - who are trying to preserve his assets until it is decided who will inherit them - argued that Ms Wang had illegally taken control of the shares.

The appeal court upheld the view of a lower court judge that Ms Wang should pay the $192m earned from dividends in the minor shares into a court-appointed account as security in case she loses the battle for the estate.

Will questions

Mr Wang's father, Wang Din-shin, said his son made a will naming him sole beneficiary after learning Ms Wang had allegedly been unfaithful to him.

Ms Wang says her husband gave her all the money in another will written a month before he was kidnapped.

Legal action on whether Nina Wang is the rightful owner of the Chime shares and on who is Mr Wang's beneficiary are yet to be settled.

Forbes magazine recently estimated Nina Wang's fortune at $2.4bn.

See also:

07 Aug 01 | Asia-Pacific
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Asia-Pacific stories are at the foot of the page.


E-mail this story to a friend

Links to more Asia-Pacific stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes