Hong Kong Battle Begins for Tycoon’s Billions

From Financial Times :

The charitable foundation established by Nina Wang , the Hong Kong tycoon, fired its first shot in the battle for her $3.9bn (€2.6bn, £2bn) estate on Friday, taking aim at a reclusive businessman who also claims to be her heir.

The Chinachem Charitable Foundation filed court papers in Hong Kong arguing that Ms Wang, who died last April, might have been too ill in late 2006 to approve a will that bequeathed her estate to Tony Chan. Ms Wang was diagnosed with cancer in 2004.

The foundation is controlled by Ms Wang’s siblings and two executives at Chinachem, the property company once headed by the larger-than-life tycoon. It is the main beneficiary of an earlier 2002 will that mandates that the foundation use part of Ms Wang’s estate to fund a Chinese version of the Nobel prize.

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