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
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
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
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
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
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
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