Sean Hotung is trying to find out what has happened to $100 million
A son of billionaire Eric Hotung is seeking clarification over what has happened to the $100 million supposedly put into two trusts the tycoon set up for him and his siblings more than 25 years ago.
Sean Hotung, the fourth child of Eric Hotung, said he found out only last week that the two companies owned by the two trusts had fallen into the red, according to financial figures for 2003.
The 78-year-old billionaire revoked the trusts last year after a series of lawsuits his children brought against the two trustees beginning in 2002. Winnie Ho Yuen-ki, a cousin of Eric Hotung and a younger sister of tycoon Stanley Ho Hung-sun, was appointed trustee for his three sons, and Hillhead was the registered trustee for his three daughters.
In March, High Court Judge Robert Tang Ching returned a victory for the children by ruling that the father had no right to revoke the trusts. Sean Hotung said he yesterday sent letters to the trustees listing the 'unexplainable financial irregularities' concerning the assets held under the trusts. He also asked the trustees to resolve the issue in an 'honest, open and professional' manner.
'I am going to help my father find the money. He said under oath in court in January this year that there was approximately $100 million in the two trusts,' he said.
