Ex-wife and children set sights on trust of late 'rice cooker king'

The first wife and five children of the man dubbed 'the king of electric rice cookers' have gone to court to seek a declaration over their entitlement to assets in a trust, in a case involving shareholders of his company

William Mong Man-wai, founder of Shun Hing Holdings, who brought rice cookers to Hong Kong after the second world war, died at the age of 82 in July - leaving behind a fortune estimated to be worth tens of billions of Hong Kong dollars.

Yesterday, his first wife, Serena Yang Hsueh-chi, their three daughters and two sons filed a writ at the Court of First Instance against the trustee and representative of The Huge Surplus Trust. They want a court declaration on their entitlement to the trust and/or its assets.

The trust representative, Huge Surplus Limited, is a 50 per cent shareholder in Shun Hing, according to the company's latest annual return at the Companies Registry.

Timmerton, a Liberian-registered firm, also named as a plaintiff, has a 40 per cent shareholding in Shun Hing and is a corporate director.

Individual Shun Hing director David Mong Tak-yeung -William Mong's elder son - younger son Stephen Mong Tak-fun and daughters Cynthia Mong Sien-yee, Viola Mong Wai-yee, Josephine Mong Jo-yee have filed for the declaration.