Nan Fung family embroiled in lawsuit over billion-dollar inheritance

The former wife of Chen Din-hwa, late founder of the Nan Fung Group, has sued her daughter over properties worth "substantially" more than HK$1.5 billion, court papers show.

Yang Foo-oi, 88, sued her daughter Vivien Chen Wai-wai as early as 2010, but the details were revealed only yesterday in a High Court judgment over another of the family's lawsuits.

Chen Din-hwa, dubbed the "King of Cotton Yarn", died in June at the age of 89.

According to court documents, under an arrangement the father made in 2004, Vivien and her sister Angela would each receive HK$4.5 billion after his death. However, they would each have to transfer HK$1.5 billion to the mother, so they would get HK$3 billion per person.

Yang claimed the arrangement meant Vivien should transfer to her a third of the market value of the properties that the daughter received, which the court heard was worth "substantially more than HK$1.5 billion".

Initially, the mother agreed to take HK$1.5 billion in cash instead of a one-third entitlement. She later cancelled the agreement on the grounds that Vivien had misinterpreted the arrangement, exerted undue influence or breached her fiduciary duty.