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Judges find no grounds for delaying  the case until probate claim is resolved

The administrators of the estate of the late tycoon Teddy Wang Teh-huei were yesterday given the go-ahead to sue his widow, Nina Wang Kung Yu-sum, over the ownership of shares in the Chinachem group.

They are seeking ownership of 19,998 'A' shares in a Chinachem Group company.

Mrs Doreen Le Pichon and Mr Justice Anthony Rogers yesterday lifted High Court Judge William Waung's order, made in February this year, to stay all relevant court actions over the disputed shares pending the final outcome of the lengthy probate battle between Mrs Wang and her father-in-law, Wang Din-shin, over the estate of Teddy Wang.

Mrs Wang has been called Asia's richest woman, with a fortune once estimated by Forbes magazine at $29 billion.

The judges ruled there was nothing to bar the two administrators of Teddy Wang's estate  from fighting over the beneficiary ownership of the shares in Chime Corporation, an import-export  firm. The shares are registered in the name of Mrs Wang.

Mrs Wang and Tai Ching-ping, both directors of Chime, were named as defendants.

In November, Mr Justice David Yam Yee-kwan ruled  Mr Wang Snr was  the sole beneficiary of Teddy Wang's $27 billion  estate. The judge said a will produced by Mrs Wang naming her as sole beneficiary was 'probably' forged by her.

In the judgment handed down yesterday, the Court of Appeal said there had not been any enforceable agreement between Mrs Wang  and the administrators that the dispute over the shares should be postponed until the battle over the will was concluded. Mrs Wang is expected to lodge an appeal against last November's ruling.

The two judges dismissed the defence's submission that such an agreement had been endorsed by Deputy High Court Judge Gerard Muttrie on May 21, 2001, saying it was only a 'provisional order'.

'There is nothing  to suggest that the administrators were to be barred from litigating the beneficial ownership issue pending the outcome of the probate action,' Mrs Justice Le Pichon said.

It was also Mrs Wang's contention that she owned the shares, meaning they would  not form part of her husband's estate.

'Resolution of the probate action would thus not necessarily be positive of the outstanding claims,' Mrs Justice Le Pichon added.

Mrs Wang was ordered to pay costs.



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Chinachem

Late tycoon's estate is allowed to sue Nina Wang over shares