Chinachem Charitable Foundation

Chinachem 'files appeal against ruling'

Nina Wang Kung Yu-sum. Photo: Martin Chan

The Chinachem Charitable Foundation, set up by late tycoon Nina Wang Kung Yu-sum, is believed to have filed an appeal against a High Court ruling that it should hold her HK$83 billion estate in trust rather than as an absolute beneficiary under her will.

Saturday, 9 March, 2013, 5:03am

Ruling tightens reins over Nina Wang's HK$83b fortune

Ringo Wong, former assistant to Nina Wang, is glad that "justice exists in heaven and on earth", after the courts ruled on Chinachem's role in her estate. Photo: Jonathan Wong

The High Court ruled yesterday the Chinachem Charitable Foundation - set up by the late tycoon Nina Wang Kung Yu-sum - held her HK$83 billion fortune on trust rather than as an absolute beneficiary under her will. As a trustee, the foundation must carry out terms of the will, including performing charitable works, rather than receive the estate as a gift free of obligations, Mr Justice Jeremy Poon Shiu-chor said in the Court of First Instance.

23 Feb 2013 - 5:02am

Lawyer predicts continuing tussle over money for Nina Wang's in-laws

Nina Wang Kung Yu-sum. Photo: David Wong

A tug of war between siblings of late billionaire Nina Wang Kung Yu-sum and her husband's family is likely to continue over how the in-laws will be financially cared for, as required in her will. Under the will, Nina Wang, who died in 2007, also expressed her wish to form a "managing organisation" formed by prominent leaders to oversee the operation of the Chinachem Charitable Foundation, which she set up with her late husband in 1988.

23 Feb 2013 - 4:14am

Chinachem foundation is not 'absolute' beneficiary of Nina Wang's estate, says court

The late Nina Wang Kung Yu-sum in 2005. Photo: Martin Chan

The Chinachem Charitable Foundation only holds the huge estate of Nina Wang Kung Yu-sum on trust and was not its "absolute" beneficiary, the High Court ruled on Friday.

Mr Justice Jeremy Poon Shiu-chor, of the Court of First Instance, wrote in his judgement: “Upon a proper construction of the will, I find that all… requirements of a charitable trust are satisfied.”

22 Feb 2013 - 5:25pm

Late Nina Wang gave millions to Democrats, records show

Nina Wang

Nina Wang Kung Yu-sum's Chinachem Charitable Foundation gave millions to the Democratic Party in 1997 and 1999, according to records its lawyer referred to in court yesterday.

20 Dec 2012 - 4:11am

Trust fund 'alien concept' for Nina Wang, says Chinachem foundation lawyer

Nina Wang

The late Nina Wang Kung Yu-sum, a Chinese businesswoman, intended to give her fortune to Chinachem Charitable Foundation absolutely, not on trust, and there was no evidence that she knew what a trust was, a court heard yesterday.

19 Dec 2012 - 3:20am

Judge asked to rule on latest squabble over Nina Wang's estate

Nina Wang

Nina Wang Kung Yu-sum's HK$83 billion estate is back in court, this time in a wrangle over whether she intended the Chinachem Charitable Foundation to have complete control over it as a gift, or to hold it as a trustee for charitable objectives.

18 Dec 2012 - 3:27am