Influential man 'convinced Fok brother to sign deal'

An influential figure called "Mr Tung" helped 17 members of late property tycoon Henry Fok Ying-tung's family reach a settlement over his multimillion-dollar estate last year, the Court of First Instance heard yesterday.

Winston Poon Chung-fai SC, for third son Benjamin Fok Chun-yue, told the court at least two influential figures played a part in the negotiations.

Tung spoke to Benjamin many times, during which the latter raised his concerns about property worth 30 billion yuan (HK$38 billion) in Guangzhou's Nansha development zone, the barrister said.

Benjamin is arguing that the failure of his older brother, estate executor Ian Fok Chun-wan, to reveal an option to buy back a 25 per cent stake in the Nansha project from a charitable foundation adversely affected his interests and is grounds to remove his brother as executor.

Poon said Tung, described as a "senior, senior" person, told Benjamin that Ian claimed their family company could buy back the shares in the project.

Saying Ian had "put his cards on the table", Tung persuaded Benjamin to settle the matter, the lawyer said. Benjamin signed the agreement in August last year.

But in January, Benjamin discovered the existence of the HK$1 buyback option, which had expired in 2007.