Hong Kong judge grants late tycoon’s feuding family ‘one last chance’ to settle dispute over estate out of court
- Mr Justice David Lok, who has repeatedly urged the family not to let the case go to trial, granted a third adjournment to allow negotiations to continue after hearing ‘good progress’ had been made
- However, counsel for some of the parties says there must be a deadline for completing the talks, considering one of his clients is 92 years old
The family of the late Hong Kong tycoon Henry Fok Ying-tung has been given “one last chance” to settle their ongoing dispute over his HK$11.3 billion (US$1.45 billion) estate out of court.
Mr Justice David Lok Kai-hong on Friday granted a third adjournment to allow parties to continue their negotiations after he was told that “good progress” had been made, though he was also reminded of the tight hearing schedule ahead should efforts at reaching a settlement fail.
The High Court trial was expected to last 60 days, but parties have estimated that the hearing of evidence alone could take 72, with closing arguments expected to take up another 10.
Feuding family of late Hong Kong tycoon makes ‘progress’ towards settlement
Fok was married three times and had 13 children before he died of cancer at the age of 83 in 2006. All of his family members and a number of companies reached a settlement over his estate in 2012.
But a rift emerged among the children from Fok’s first marriage, with Benjamin Fok Chun-yue, Nora Fok Lai-lor and Patricia Fok Lai-ping accusing their brothers, Ian Fok Chun-wan and former legislator Timothy Fok Tsun-ting, of keeping them in the dark.
At the heart of the latest dispute is a single share of their late father’s dream project in Nansha, in Guangzhou, which was transferred from a subsidiary of Henry Fok Estates to the Fok Ying Tung Foundation in 1997, with a buy-back option that eventually expired in 2007, leaving the interest with the charity.
The court has heard five days of opening speeches from all parties, with Ian denying any breaches of his fiduciary duty, and the other family members from his late father’s second and third marriages urging the court not to set aside their previous settlement agreement.
At the latest hearing, Benjamin’s counsel, Clifford Smith SC, said “good progress” had been made on Thursday, with lawyers working till 11.30pm, but he added that more time was needed, as it would be hard to continue negotiations once his client, being the first witness, started testifying.
“Hopefully we can have everything agreed before we come back on Monday,” Smith said.
Family of late Hong Kong tycoon to consider alternatives to court fight
Ian’s counsel, Wong Yan-lung SC, supported the adjournment, adding that it had always been his goal to avoid disharmony and protect the elder Fok’s legacy.
But counsel Samuel Wong, for the second and third families, noted that there must be some specific deadline for completing the talks, considering one of his clients, Fok’s second wife, Fok Fung Kin-nei, who is expected to give evidence, is 92 years old.
He also complained about not receiving updates on the progress of the negotiations.
Timothy’s counsel, Victor Dawes SC, explained that was only due to the dynamics of the case, rather than any disrespect towards the families.
Judge urges feuding family of late Hong Kong billionaire to drop lawsuit
Judge Lok accepted the explanation, observing that the first family would have to resolve their own differences first before approaching the others.
Lok reiterated that he would “certainly welcome any attempt to settle the case” such that the family’s legacy and harmony could be preserved.
A settlement would also convey a message to the community that disputes can be resolved, he said.
“I will give you one last chance,” Lok said. “Hopefully there will be some good news on Monday morning.”
