Saga over Nina Wang's HK$83 billion fortune 'almost at an end'
Lengthy legal battles involving philanthropist's HK$83 billion legacy 'almost at last stage' as top court rules on foundation's role as trustee
Yesterday's ruling of the Court of Final Appeal is "almost the last stage" in a series of court battles over the legacy of Asia's richest woman Nina Wang Kung Yu-sum's HK$83 billion estate.
The top court gave the last word that the Chinachem Charitable Foundation would hold the estate as a trustee - able to spend it only for a specified purpose - and would not receive any part of it as an absolute gift.
Lord Walker of Gestingthorpe said in a 47-page judgment that the appeal was "the last stage, or almost the last stage" in contentious litigation concerning her will.
In a few months, the foundation and the secretary for justice, as directed by a panel of five judges, will appear before a Court of First Instance judge with their proposal as to the administration of the charitable trusts under Wang's will.
The protracted litigation over the will started with a probate case between Nina Wang, a well-known philanthropist, and her father-in-law, Wang Din-shin, over her husband Teddy Wang Teh-heui's fortune after he was declared dead in 1999 - nine years after he was kidnapped and never seen again.
Nina and Teddy Wang had married in 1955, and in the years that followed, they worked hard to expand the business of the Chinachem Group, which later became one of the largest property developers in Hong Kong.
