Company representing children of late Hong Kong tycoon Henry Fok wants in on HK$38 billion project
High Court writ asserts Yau Wing was wrongly excluded from an option to acquire a share of the mainland China project
Children of late tycoon and philanthropist Henry Fok Ying-tung’s first family are ratcheting up their efforts to claim a share of a property project developed under their father.
Yau Wing, a company representing the interests of Benjamin Fok Chun-yue and some of his siblings, filed a writ at the High Court on Monday asking the court to declare the family company had a right to acquire a stake in the project in Nansha, Guangzhou.
This came after Benjamin Fok and his sisters Patricia Fok Lai-ping and Nora Fok Lai-lor filed separate petitions last month to assert their rights in the project, which was valued at about 30 billion yuan, or HK$38 billion.
READ MORE: Two more Fok children in battle for stake in project
Like the previous individual petitions filed by Benjamin, Patricia and Nora Fok, Yau Wing was challenging a settlement reached in 2012. The family company argued it was inappropriately excluded from an option to acquire a share of the project.
Yau Wing said in its writ that Ian Fok Chun-wan, a child of the first family, breached his fiduciary duty to disclose all relevant information pertaining to its interests.
Had Ian Fok properly discharged his fiduciary duty to disclose the information, the company would have considered and then resolved in favour of exercising its option to retain a share of the project, it said.
READ MORE: Henry Fok’s older children need to pay legal costs of their younger half-siblings, court rules
