The battle over the HK$11.3 billion estate of late Hong Kong tycoon and philanthropist Henry Fok Ying-tung reopened in court on Tuesday with three of his 13 children seeking to restore his flagship company’s right to a valuable mainland China development project.
In 2012, the court heard, former chief executive Tung Chee-hwa was told that the late patriarch had HK$1.6 billion in offshore funds, HK$2.7 billion in assets, with one of his three flagship companies, Henry Fok Estates, valued at HK$7 billion. Over the years, Fok was said to have given HK$3.52 billion to his top adviser, Ho Ming-sze, to fund specific projects in Nansha, the court heard.reported in 2015 that, according to one estimate, the development was worth 30 billion yuan.
Had Yau Wing decided to exercise the option in 2007, it would have been expected to pay HK$2.3 billion to buy back the share, the court heard.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.