Fok sons back in court over payout

Thomas Fok Man-fong, the eldest son of late tycoon Henry Fok Ying-tung from his second marriage, has sued his half-siblings to demand jewelry worth HK$5 million and over HK$20 million in a legacy from their late father.

In a writ filed with the high court on Friday, Thomas Fok demanded half-brothers Ian Fok Chun-wan and Benjamin Fok Chun-yue - the second and third sons of Henry Fok with his first wife - to distribute the estate to each of the beneficiaries according to a settlement agreed by family members in 2012.

A hearing date has not been scheduled by the court.

According to the settlement agreement signed by 16 family members in 2012, children from Henry Fok's second and third marriages can receive HK$100 million each. But they have not received the full payment as the agreement was set aside in 2013, and the distribution of HK$25 million owed to them was postponed.

Thomas Fok asked the court to issue an order requiring Ian Fok and Benjamin Fok - executors of their father's legacy - to distribute the remaining HK$25 million to each beneficiary.

The executors should distribute the HK$25 million legacy to each of them within 14 days after a court order was issued, he said, adding children of the second and third wives should also receive jewelry defined in the 2012 settlement.

Thomas Fok also offered an alternative plan, saying the two legacy executors could take the jewelry to auction house Sotheby's and distribute the proceeds among them.

"[They should] instruct Sotheby's to list the identified jewelry with a fair market value of more than HK$5 million for sale at the next public auction and distribute the net realization proceeds of the said items obtained from public auction to all the beneficiaries of the estate in equal shares no more than 80 days thereafter the public auction," he said.

The two executors should then distribute another HK$21 million, or any sums calculated by the court, to them, Thomas Fok added.

Sixteen members of the Fok family signed the settlement agreement in 2012, which states that three sons of Henry Fok and his first wife - Timothy Fok Tsun-ting, Ian Fok and Benjamin Fok - would each receive HK$6.5 billion while other family members would have HK$100 million each.