Billionaire Eric Hotung would not have given ‘unimaginable’ sum as a gift to secret lover, court hears
Eric Hotung has taken Winnie Ho Yuen-ki and their son to court to attempt to recover the profits made from the transfer of HK$2 million in the early 1960s
Billionaire Eric Hotung would not have given two-thirds of his personal wealth as a gift to his secret lover Winnie Ho Yuen-ki in the early 1960s, the High Court heard on Tuesday.
Hotung was said to have transferred HK$2 million to the businesswoman half a century ago.
He is now suing Ho and their son, who was born out of wedlock, Michael Hotung, for all income and profits derived from the sum.
Lawyer Hylas Chung Yuen-foo, for Eric Hotung, told the court that the HK$2 million could not have been a loan or a gift because it was an “unimaginable sum for anyone at that time”.
Chung said HK$2 million, in 1961, was equal to 0.0268 per cent of Hong Kong’s total economic output for the year and that would be equivalent to HK$643.87 million in 2015.
Eric Hotung had a total worth of around HK$3 million at the time, said Chung.