Tue, Dec 20, 2011 - Page 12 News List

Tycoon Wang’s estate disputed in Hong Kong suit

Bloomberg

Winston Wong (王文洋), son of Formosa Plastics Group’s (台塑集團) late founder Wang Yung-ching (王永慶), sued in Hong Kong to recover more than US$4 billion in assets for the estate of his father, once Taiwan’s richest man.

Defendants named in the suit include three of Wang’s half--sisters — Susan (王瑞華), Sandy (王瑞瑜) and Diana Wang (王瑞慧) — as well as former employees of Formosa Plastics — Hung Wen Hsiung (洪文雄) and Jao Chien Fang (饒見方) — who were entrusted to manage Wang Yung-ching’s personal finances, according to a press statement issued by Wong yesterday.

The suit alleges that the defendants used a Hong Kong-registered company called Hua Yang Investment (HK) Ltd (華陽投資) to wrongly “siphon off” assets, including an interest in a coal power plant and a hotel in China, from the estate of Wang -Yung--ching. Wang Yung-ching’s Taiwanese assets were valued at US$1.7 billion, Wong said in the statement.

An independent global investigation has identified total assets of more than US$17 billion, according to the statement.

Two calls to office of Susan Wang, Formosa Plastics Group executive board vice chairman, were not answered.

Wang died in the US in 2008 at the age of 91. He started selling rice in 1932 as his first business, before founding Formosa Plastics Corp (台塑), a PVC maker, in 1954. The company expanded into Formosa Plastics Group, Taiwan’s biggest diversified industrial company.

Wong previously sued in New Jersey to be appointed as administrator of the estate of his father, who died without a will. His fortune has also been the subject of a lawsuit in Taiwan.

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