Current executors of Nina Wang's estate sue predecessors over alleged mismanagement

The current court-appointed executors of the estate of the late Nina Wang, chairman of Chinachem Group, have filed a lawsuit in the High Court against two former executors, alleging breach of fiduciary duties and negligence.

The plaintiffs, who are the current administrators of Wang’s estate, are seeking compensation from the defendants, former executors.

The statement of claim accuses the pair of misconduct, including allowing a subsidiary of Chinachem Group to enter into an unfavorable agreement with a third-party firm.

According to the writ, the former executors failed to prevent Chinachem Financial Services from signing a “Claims Entrustment Agreement” with a venture capital on August 25, 2009, in relation to a legal dispute over shares in China Minsheng Bank. 

The defendants are also accused of approving a disproportionate fee structure under the agreement without seeking quotations from other service providers or conducting due diligence on the venture capital.

The current suit does not specify the amount of compensation being sought.