Another court hit for Eagle matriarch

Business | Staff reporter 22 Feb 2018

The High Court yesterday rejected an application from the widow of the founder of Great Eagle Holdings (0041), Lo To Lee-kwan, to amend a statement of claim to dismiss HSBC as a trustee of her family trust.

But a judgment by the court agreed the case could be tried separately from liability and compensation cases. The trial of the two separate cases will begin on May 29.

The matriarch filed her application in 2016 as she claimed HSBC International Trustee had not followed her guidance since 2016.

The case has drawn wide media attention since early May.

The trust was founded by Great Eagle's founder, Lo Ying-shek, and Lo To in 1984.

Lawyers for Lo To requested the trustee provide records for the past 30 years to prove that it has followed their instructions on managing the estate.

Lo raised doubts earlier about whether the trustee had appropriately monitored use of funds earmarked for charity.

A lawyer for HSBC said it rejected the accusations and has managed the trust loyally and impartially.

The trust was worth as much as HK$8.6 billion in 2013, a court hearing revealed in December. The dispute has been going on for more than a year.

Lo To's move is being backed by three of her six sons: eldest son Antony Lo Hong-sui, second son Lo Yuk-sui and youngest son Lo Kai-shui.

Great Eagle chairman Lo Ka-shui, the third son, has aligned with Shui On Land (0272) chairman and fourth son Vincent Lo Hong-sui, as well as fifth son Archie Lo Ying-sui, to oppose the dismissal.

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