By South China Morning Post | Created at 2025-01-06 07:56:25 | Updated at 2025-01-07 19:08:15
1 day ago
Hong Kong’s Secretary for Justice has appointed three individuals to supervise the operation of a charitable foundation managing an estate of more than a hundred billion dollars of the late tycoon and former richest woman in Asia, Nina Wang Kung Yu-sum.
The Department of Justice said on Monday that the Court of First Instance of the High Court appointed Nina Wang Charity Management as the trustee of the charitable trust of the late chairwoman of property giant Chinachem Group last November.
The department also revealed that former Legco president Rita Fan Hsu Lai-tai, former Hong Kong Monetary Authority CEO Joseph Yam Chi-kwong, and former council chairman of the Baptist University Cheng Yan-kee had been appointed to serve as members of the supervisory managing organisation (SMO) responsible for supervising the operation of the trustee.
“In accordance with Mrs Wang’s testamentary wishes, an SMO formed by three independent individuals is set up to supervise the operation of the trustee,” the statement said.
“The appointees, who are appointed by the [Secretary of Justice], must possess unquestionable integrity, experience and judgment,” it said.
The department said it “firmly” believed that once the trustee’s board of governors had been established, the administrators would do its “utmost ... to fulfil Mrs Wang’s testamentary wishes and bring benefits to the country, including different sectors of Hong Kong society.”
Wang, who died aged 69 in 2007, stated in her 2002 will that the entirety of her wealth would be entrusted to the Chinachem Charitable Foundation, led by her family.
