How the tycoon's problems began ...and why he lost in court yesterday

PUBLISHED : Saturday, 05 March, 2005, 12:00am
UPDATED : Saturday, 05 March, 2005, 12:00am
 

How the tycoon's problems began ...


1978 Eric Hotung makes will.


1979 He sets up secret trusts, one for three of his five sons and one for his three daughters. The assets are shares in Hotung Enterprise and Hotung Investment China.


2001-02 Two sons, Sean and Anthony, take legal action against one of the trustees, their aunt Winnie Ho Yuen-ki, to seek information about the trusts.


2004 Mr Hotung revokes the trusts.


... and why he lost in court yesterday


January 11, 2005 Mr Hotung seeks Court of First Instance clarification of his right to revoke the trusts.


The evidence was based entirely on the recollections of Mr Hotung's side.


Mr Hotung failed to prove the existence of blank instruments of transfer - documents that would have enabled him to transfer shares from the trustees back to him or other parties.


No reliable evidence was presented to show Mr Hotung had instructed the trustees and his solicitor to incorporate three 'secret conditions' into the trusts.


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