HONG KONG and TAIPEI, June 10, 2013 /PRNewswire/ --The High Court of Hong Kong has appointed Dr. Winston Wong the Administrator of the estate of his late father, Taiwanese industrialist Yung-Ching Wang ["YC Wang"], it was revealed in a writ filed today in Hong Kong by Dr. Wong on behalf of the estate. (Court case no.: HCA1017/2013)
The Letters of Administration granted to him by the Court obliges Dr. Wong to provide "a true and perfect inventory of all…said estate and effects" of his father, "render a just and true account thereof," and make Dr. Wong responsible for recovering and marshalling "the real and personal estate and effects of [YC Wang]." The Letters cover previously identified assets and future discoveries.
Dr. Wong now has the authority "well and faithfully to administer" the estate, and "after paying the just debts" of his father, to distribute "the residue of his estate and effects according to law."
To fulfill his court-appointed duties, as a first step Dr. Wong will now move forward in his capacity as legal Administrator of the estate to recover the estimated U.S. $4 billion of his father's assets that have been identified as held by two Hong Kong companies, Hua Yang Investment (HK) Ltd., and Winson International Investments Ltd. The two Hong Kong companies have today been formally served with the writ.
Both entities, along with two individuals, Jao Chien Fang ["Jack Jao"] and Chang Pen-Yuan ["PY Chang"], are named as defendants in the lawsuit filed in the High Court of Hong Kong. The claim against the pair, which relates to their involvement with the Hong Kong companies, is for compensation for breach of trust and/or fiduciary duty owed to YC Wang and his estate.
The lawsuit on behalf of the estate seeks an injunction against all the defendants to prevent the disposal of -- or dealing with -- assets belonging to the estate.
Similarly, lawyers acting on behalf of the Administrator have sent formal letters to a number of Hong Kong-based financial institutions where the defendants are thought to hold assets belonging to the estate.
Dr. Winston Wong comments: "This is an important and humbling moment as I stand in my father's shoes as Administrator and continue the efforts to identify and recover everything that should have been declared in his estate. As part of my obligations, on recovery of the estate, I will pay all just debts, including any taxes due to Taiwan. I vow to my father's heirs and the people of Taiwan that I will do whatever it takes to see that justice is done, as my father would have wished."
For further information:
Leo Wood
Telephone: +852-6790-1093
E-mail: leo.wood@fticonsulting.com
