Fight over Nina's wealth still rages

Jane Cheung

It would be best if the HK$140 billion wealth of late Chinachem Group chairwoman Nina Wang Kung Yu-sum is managed jointly by the head of the United Nations, a Chinese premier and the city's chief executive, a lawyer representing her charitable fund told the High Court.

The hearing on probate and administration matters was heard in the High Court yesterday for judge Aarif Barma to decide how to handle Wang's fortune after the Chinachem Charitable Foundation, the secretary for justice and the manager of Wang's estate failed to reach a consensus.

Senior counsel Bernard Man, representing the foundation, said Wang - who died at age 69 in 2007 - had stated in her will that a UN secretary-general, a Chinese premier and Hong Kong's chief executive should form a management body to oversee her charitable fund.

"Regardless of who are in the positions now, for the first step we should at least try to reach out to the officials and invite them to join the estate management," Man said.

Currently, the UN is headed by Portuguese secretary-general Antonio Guterres, Li Keqiang has been China's premier since 2013, and John Lee Ka-chiu is now Hong Kong's leader.

Man hoped the judge would adhere to Wang's will as much as possible when drafting a management plan for her estate

While the court had the right to draft and amend the estate management plan, Man proposed the foundation, Secretary for Justice Paul Lam Ting-kwok and the estate manager each submit their own ideas to the court.

The three sets of views could then be passed around to the three parties for checking, and each could respond.

Judge Barma could then settle disputes and decide on the suggestions to adopt and compile an estate management plan.

In response to concerns from then-secretary for justice Teresa Cheng Yeuk-wah and the estate manager that the foundation was in debt and not a suitable candidate to oversee Wang's fortune, Man said the foundation could overcome the financial difficulty if it was given time to raise funds.

Man also said the other two parties had pointed to Wang's younger brother and foundation council chairman, Kung Yan-sum, making inappropriate transactions.

He questioned whether they were referring to the foundation's council or Kung himself as unsuitable to oversee Wang's estate.

If they referred to Kung, Man said, the problem could be resolved as long as he withdrew from the foundation's council, though the other parties should specify details of what they saw as problems with him.

Man also rejected the two other parties' accusations that the foundation abandoned charitable events and focused on dealing with lawsuits. He added that lawsuits could help the foundation raise new funds.

The hearing continues today.

jane.cheung@singtaonewscorp.com