Tycoon's heir files claim for US$4b

Late Taiwanese tycoon Wang Yung-ching's eldest son yesterday filed a claim in Hong Kong's High Court for US$4 billion, saying it was the start of a worldwide fight.

According to a writ filed by Wang's eldest son, Winston Wong Wen-Young, an independent investigation has put the true value of Wang's global estate at over US$17 billion.

The investigation has also found the value of assets identified in Hong Kong to be in excess of US$4 billion, and include the Zhangzhou Houshi Power Plant in Fujian province, the Hua Yang Luoyang Electric Power Company in Henan and the 530-room Hua Yang Plaza Hotel in Luoyang.

The power plants and the hotel are owned or partially owned by Hua Yang Investment (HK) Ltd, a Hong Kong-registered company, in which 10 management or employees were named as defendants, including Susan Wang Ruey-hwa, a businesswoman in Taiwan; Sandy Wang Ruey-yu; and Diana Wang Ruey-huei - all daughters of Wang and his third wife. Hung Wen-hsiung and Jack Jao Chien-fang, both from Taiwan and long-time Formosa Plastics Group finance employees who were entrusted to manage Wang's personal finances, were also named as defendants. Jao is the sole director of Hua Yang Investment.

The writ says the defendants have wrongly siphoned off Wang's assets by using Hong Kong-based and other corporate vehicles purportedly owned by various trusts that were not subject to public scrutiny.

These trusts were essentially a series of businesses owned and controlled by some of the defendants to the detriment of Wong, and other heirs and beneficiaries of Wang's estate.