Charity ruled the beneficiary of Wang's estate
(02-22 12:55)
The High Court has ruled that the beneficiary of the late tycoon Nina Wang Kung Yu-sum's milti-billion dollar estate -- the Chinachem Charitable Foundation -- is not entitled to use the money freely, but must abide by specific terms set down in her will.
The Foundation had argued that it should be able to decide how to use Wang's HK$82 billion fortune for charitable purposes, because it was intended as a gift from her, RTHK reports.
But the Secretary for Justice submitted that the 2002 will had instructed the Foundation to look after the assets as a trustee. In other words, the foundation could only use the money according to her instructions.
Among other things, the late tycoon had expressed the wish that the United Nation's Secretary-General, China's Premier and Hong Kong's Chief Executive be invited to supervise its operation. And she wanted the fund to eventually gain international recognition similar to the Nobel Prize.
A lawyer for the Foundation said Chinachem would probably appeal the ruling.
|
|
|
|
