A court battle over the multibillion-dollar fortune of Nina Wang (龔如心), Asia’s richest woman, who left her money to a secret lover in a disputed will, was coming to a close in Hong Kong yesterday with lawyers on both sides delivering their closing addresses.
The case started in May, fascinating the public with tales of secret love, deception and mystical feng shui rites.
It centers on the will of pigtailed billionaire Wang, head of the ChinaChem (華懋) property empire, who died at 69 of ovarian cancer in 2007, leaving her entire fortune of US$13 billion to her feng shui master, Tony Chan (陳振聰).
During the 38 days of submissions, the court heard from the lawyer representing Wang’s family through the ChinaChem Foundation that there was “very strong evidence” that the will signed in 2006 was a forgery.
They claimed it was a feng shui prop only intended to prolong the life of Wang and was not a legal document.
They also argued that Wang, known as “Little Sweetie” because of her style of dress and pigtails, was critically ill with cancer at the time the document was drawn up and not well enough to sign a will.
On the other side, lawyers representing 48-year-old Chan said Wang had made a conscious and deliberate decision to leave the fortune to him.
They claimed he had been Wang’s lover for 14 years, meeting under the pretence of arranging sessions of feng shui, a traditional Chinese practice of divining the elements such as wind and water to ensure good fortune.
It was argued that Wang had wanted to bear Chang a child and had called him “husband.”
In a closing speech yesterday, Chan’s counsel said claims of the lawyers representing Wang’s family had distorted a “loving, caring and happy relationship” between his client and Wang.
The judge was expected to take six months to hand down a decision.
However, the saga is likely to be drawn out for years with most observers and those involved believing any decision is likely to be appealed.
The alleged affair between Wang and Chan is said to have begun two years after Wang’s tycoon husband, Teddy (王德輝), was kidnapped in 1990, never to reappear.
Wang inherited the empire after Teddy’s disappearance, confounding critics by building it up into a multibillion-dollar conglomerate.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01