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(Redirected from Nina Wang Kung Yu-sum)
'Nina Wang' (née Kung) or 'Kung Yu Sum' () (September 29, 1937[1] – April 3, 2007) was Asia's richest woman, with a recent estimated net worth of US$4.2 billion at the time of her death[2]. Wang was the widow of Hong Kong chemical magnate Teddy Wang (Wang Teh Huei, 王德輝), who disappeared in 1990 after a kidnapping.
'Kung Yu Sum' was born in Shanghai, where she was a childhood playmate of Teddy Wang, the son of Wang Din-shin, who had established a paint and chemical business. The Wangs moved to Hong Kong, and the business became the Chinachem Group, eventually one of Hong Kong's largest and most powerful companies based on a lucrative pharmaceutical division. In 1948, when she was 11 and he 15, they renewed their friendship, and in 1955 they married.[3]
Nicknamed "Little Sweetie" ("Siu Tim Tim" or "小甜甜" in Cantonese), she was noted for her two pigtails and her love of dressing in traditional Chinese dresses.
She was the richest woman in Asia and the worlds 35th richest person, with a fortune of $4.2bn, according to Forbes magazine; a fortune which exceeded that of the Queen of England.
On April 12, 1983, the Wangs' Mercedes was hijacked. Teddy Wang was taken away and chained to a bed for eight days until Nina Wang paid a $33 million ransom. On April 10, 1990, Teddy Wang was kidnapped again. After his disappearance, Nina took the helm of Chinachem under the title of "Chairlady" and built it into a major property developer.
Teddy Wang was declared dead in 1999. Although his body was never found, the battle over the late Teddy's fortune began in earnest, with at least three different wills circulating in the court system. The earliest will, the authenticity of which is not contested, was dated 1960 and split the estate equally between Teddy's father Wang Din-shin and Nina. A 1968 version produced by Din-shin (authenticity challenged) gave the entire estate to Din-shin. This will was made after Teddy discovered that his wife was having an affair. A 1990 will (dated a month before Teddy's abduction) ceded the entire estate to Nina and included the phrase "one life, one love", in English, with the rest of the will in Chinese, stating that the Wang family is disappointing. This will had a signature indicating it was witnessed by the family butler.
On November 21, 2002, after a 171-day courtroom battle featuring some of Hong Kong's most prominent lawyers and accusations of adultery on the part of Nina Wang by Wang Din-shin, High Court Justice David Yam declared the 1990 will a forgery and awarded all of Teddy Wang's estimated $128 million estate to Wang Din-shin. She appealed against the ruling but lost in a 2-1 decision on June 28 2004. The money was handed over to Wang Din-shin. On January 28, 2005, she was formally charged with the forgery and freed on bail.
On September 16 2005, the Court of Final Appeal overturned the previous High Court ruling, giving control of the multi-billion dollar Chinachem firm back to Mrs Wang. On December 2, 2005, prosecutors in the fraud case officially dropped all charges, effectively exonerating Wang.
On April 4, 2007, Chinachem announced that Wang died at the Hong Kong Sanatorium and Hospital the previous day. Although the cause of death has not been disclosed, there have been reports suggesting that she might have been suffering from ovarian cancer.[4]
On April 13, 2007, Chinachem confirmed in various Hong Kong local newspapers that Wang was first diagnosed with an undisclosed illness back in February 2004. She immediately flew to the United States to receive further treatment at a hospital affiliated with the Harvard University. During her treatment, which lasted for 3 years and 2 months, various leading edge medications had been tried. But despite those treatments, Wang finally lost her battle.
In an interview with Apple Daily, published on April 8, 2007, Hong Kong shipping tycoon Cecil Chao hit back at gambling magnate Stanley Ho, who claimed that Wang's death was the consequence of her being parsimonious. Chao, who had known Wang for 40 years, reveals that the High Court ruling that went against Wang, and the follow-on forgery accusation, was a huge blow to her and took a severe toll on her health.
Mr. Chao also paid tribute to Wang, who recalled "In Little Sweetie (Wang's nickname), you just could not feel at all the arrogance of a billionaire, she did not like to be overly in the spotlight, she was a very humble person, very low key and also very astute".
On April 8, 2007, the Kung family announced they had drawn up a list of 45 people who would be members of the 'funeral arrangement committee'. In what some regard as an obvious snub, Mr. Ho was not invited to be a member of that committee.
On April 8, 2007, Hong Kong newspaper Sunday Morning Post reports Wang named one individual as the sole beneficiary in her will, according to her lawyer Jonathan Midgley. Contrary to previous reports, Midgley also dismissed claims that her will dictated that her fortune was to go to charity.
In what is believed to be the latest twist of the saga, the person whom lawyer Jonathan Midgley represents and claims to be the sole beneficiary in Wang's will, is believed not to be a member of the Kung family.
On April 9 2007, Hong Kong newspaper Apple Daily reports that the Kung family insists that Nina Wang wished to donate the largest portion of the billions estate to set up a charity fund for medical and education developments in mainland China. According to the report, the Kung family members held an 'emergency meeting' after learning Midgley's statement. Apple Daily also describes Midgley's client as 'mysterious person'.
On April 10, 2007, Apple Daily reports that they made an enquiry of Midgley about the estate clarification. Midgley indicated that his client is an individual and not organization(s). Furthermore, he can confirm that his client's position as the beneficiary in Wang's will, and is the one and only (sole beneficiary).
Midgley also said there is nothing more about his client's identity he can disclose and confirm at this stage, including its gender, family name and whether or not his client is of the Wang's or the Kung's family. But he reiterated that the intention to release the statement on behalf of his client a few days ago was to 'clarify' the version and speculations that Wang's will dictated that portion of her estate was to go to charity, which is not true.
Midgley refused to comment whether he had any involvement in processing Wang's will.
The day after her funeral two wills she allegedly wrote in 2002 and 2006 were published separately in Next Magazine and its sister Apple Daily publication. The 2002 document said Wang's fortune would go to her charitable trust. But the later version named her personal feng shui consultant, Chan Chun Chuen, as the beneficiary. [1]
As the disclosure of beneficiary's identity becomes imminent, speculations over whether Teddy Wang is still alive is looming once again at the crucial moment.
On April 13, 2007, obituary of Nina Wang was published in various Hong Kong local newspapers. However, the handling of the obituary contents has sparked speculation that Teddy Wang is actually still alive. The obituary suggested that it was Teddy Wang himself who 'issued' the obituary. The obituary did not follow Chinese tradition in which Teddy Wang, as legally pronounced dead, that his name should be framed by black border, representing a person already deceased.
Apple Daily made an enquiry of Mr. Wong Lai-chuen, the former personal assistant of Wang. He explained that Teddy Wang "had been disappearing only", suggesting that Nina Wang strongly believed her husband was still alive.
As of April 20, 2007 an advance fee fraud E-mail spam was circulating which refers to this Wikipedia article, promising the gullible recipient a share of a U.S.$27 million private bank account Mrs. Wang supposedly deposited with her "attorney".
★ Asia's richest woman cleared in fraud case
★ HK richest lady wins will battle
★ Wang's Legacy: Sex, Lies And Litigation, ''Forbes Magazine''
★ PROBATE ACTION #8 OF 1999
★ The enigma of Little Sweetie, The Economist's Face Value on Mrs. Wang
1. 龔如心傳奇一生, Ming Pao, accessed 2007-04-04
2. http://www.forbes.com/lists/2007/10/07billionaires_Nina-Wang_B3AT.html
3. Life Sours For Little Sweetie Sour
4. http://news.bbc.co.uk/2/hi/asia-pacific/6524861.stm
Nina Wang
'Nina Wang' (née Kung) or 'Kung Yu Sum' () (September 29, 1937[1] – April 3, 2007) was Asia's richest woman, with a recent estimated net worth of US$4.2 billion at the time of her death[2]. Wang was the widow of Hong Kong chemical magnate Teddy Wang (Wang Teh Huei, 王德輝), who disappeared in 1990 after a kidnapping.
| Contents |
| Early life |
| Kidnappings |
| Contested wills |
| Death |
| Controversy over cause of death |
| Estate concern and development |
| Obituary |
| Advance Fee Fraud spam |
| External links |
| References |
Early life
'Kung Yu Sum' was born in Shanghai, where she was a childhood playmate of Teddy Wang, the son of Wang Din-shin, who had established a paint and chemical business. The Wangs moved to Hong Kong, and the business became the Chinachem Group, eventually one of Hong Kong's largest and most powerful companies based on a lucrative pharmaceutical division. In 1948, when she was 11 and he 15, they renewed their friendship, and in 1955 they married.[3]
Nicknamed "Little Sweetie" ("Siu Tim Tim" or "小甜甜" in Cantonese), she was noted for her two pigtails and her love of dressing in traditional Chinese dresses.
She was the richest woman in Asia and the worlds 35th richest person, with a fortune of $4.2bn, according to Forbes magazine; a fortune which exceeded that of the Queen of England.
Kidnappings
On April 12, 1983, the Wangs' Mercedes was hijacked. Teddy Wang was taken away and chained to a bed for eight days until Nina Wang paid a $33 million ransom. On April 10, 1990, Teddy Wang was kidnapped again. After his disappearance, Nina took the helm of Chinachem under the title of "Chairlady" and built it into a major property developer.
Contested wills
Teddy Wang was declared dead in 1999. Although his body was never found, the battle over the late Teddy's fortune began in earnest, with at least three different wills circulating in the court system. The earliest will, the authenticity of which is not contested, was dated 1960 and split the estate equally between Teddy's father Wang Din-shin and Nina. A 1968 version produced by Din-shin (authenticity challenged) gave the entire estate to Din-shin. This will was made after Teddy discovered that his wife was having an affair. A 1990 will (dated a month before Teddy's abduction) ceded the entire estate to Nina and included the phrase "one life, one love", in English, with the rest of the will in Chinese, stating that the Wang family is disappointing. This will had a signature indicating it was witnessed by the family butler.
On November 21, 2002, after a 171-day courtroom battle featuring some of Hong Kong's most prominent lawyers and accusations of adultery on the part of Nina Wang by Wang Din-shin, High Court Justice David Yam declared the 1990 will a forgery and awarded all of Teddy Wang's estimated $128 million estate to Wang Din-shin. She appealed against the ruling but lost in a 2-1 decision on June 28 2004. The money was handed over to Wang Din-shin. On January 28, 2005, she was formally charged with the forgery and freed on bail.
On September 16 2005, the Court of Final Appeal overturned the previous High Court ruling, giving control of the multi-billion dollar Chinachem firm back to Mrs Wang. On December 2, 2005, prosecutors in the fraud case officially dropped all charges, effectively exonerating Wang.
Death
On April 4, 2007, Chinachem announced that Wang died at the Hong Kong Sanatorium and Hospital the previous day. Although the cause of death has not been disclosed, there have been reports suggesting that she might have been suffering from ovarian cancer.[4]
On April 13, 2007, Chinachem confirmed in various Hong Kong local newspapers that Wang was first diagnosed with an undisclosed illness back in February 2004. She immediately flew to the United States to receive further treatment at a hospital affiliated with the Harvard University. During her treatment, which lasted for 3 years and 2 months, various leading edge medications had been tried. But despite those treatments, Wang finally lost her battle.
Controversy over cause of death
In an interview with Apple Daily, published on April 8, 2007, Hong Kong shipping tycoon Cecil Chao hit back at gambling magnate Stanley Ho, who claimed that Wang's death was the consequence of her being parsimonious. Chao, who had known Wang for 40 years, reveals that the High Court ruling that went against Wang, and the follow-on forgery accusation, was a huge blow to her and took a severe toll on her health.
Mr. Chao also paid tribute to Wang, who recalled "In Little Sweetie (Wang's nickname), you just could not feel at all the arrogance of a billionaire, she did not like to be overly in the spotlight, she was a very humble person, very low key and also very astute".
On April 8, 2007, the Kung family announced they had drawn up a list of 45 people who would be members of the 'funeral arrangement committee'. In what some regard as an obvious snub, Mr. Ho was not invited to be a member of that committee.
Estate concern and development
On April 8, 2007, Hong Kong newspaper Sunday Morning Post reports Wang named one individual as the sole beneficiary in her will, according to her lawyer Jonathan Midgley. Contrary to previous reports, Midgley also dismissed claims that her will dictated that her fortune was to go to charity.
In what is believed to be the latest twist of the saga, the person whom lawyer Jonathan Midgley represents and claims to be the sole beneficiary in Wang's will, is believed not to be a member of the Kung family.
On April 9 2007, Hong Kong newspaper Apple Daily reports that the Kung family insists that Nina Wang wished to donate the largest portion of the billions estate to set up a charity fund for medical and education developments in mainland China. According to the report, the Kung family members held an 'emergency meeting' after learning Midgley's statement. Apple Daily also describes Midgley's client as 'mysterious person'.
On April 10, 2007, Apple Daily reports that they made an enquiry of Midgley about the estate clarification. Midgley indicated that his client is an individual and not organization(s). Furthermore, he can confirm that his client's position as the beneficiary in Wang's will, and is the one and only (sole beneficiary).
Midgley also said there is nothing more about his client's identity he can disclose and confirm at this stage, including its gender, family name and whether or not his client is of the Wang's or the Kung's family. But he reiterated that the intention to release the statement on behalf of his client a few days ago was to 'clarify' the version and speculations that Wang's will dictated that portion of her estate was to go to charity, which is not true.
Midgley refused to comment whether he had any involvement in processing Wang's will.
The day after her funeral two wills she allegedly wrote in 2002 and 2006 were published separately in Next Magazine and its sister Apple Daily publication. The 2002 document said Wang's fortune would go to her charitable trust. But the later version named her personal feng shui consultant, Chan Chun Chuen, as the beneficiary. [1]
Obituary
As the disclosure of beneficiary's identity becomes imminent, speculations over whether Teddy Wang is still alive is looming once again at the crucial moment.
On April 13, 2007, obituary of Nina Wang was published in various Hong Kong local newspapers. However, the handling of the obituary contents has sparked speculation that Teddy Wang is actually still alive. The obituary suggested that it was Teddy Wang himself who 'issued' the obituary. The obituary did not follow Chinese tradition in which Teddy Wang, as legally pronounced dead, that his name should be framed by black border, representing a person already deceased.
Apple Daily made an enquiry of Mr. Wong Lai-chuen, the former personal assistant of Wang. He explained that Teddy Wang "had been disappearing only", suggesting that Nina Wang strongly believed her husband was still alive.
Advance Fee Fraud spam
As of April 20, 2007 an advance fee fraud E-mail spam was circulating which refers to this Wikipedia article, promising the gullible recipient a share of a U.S.$27 million private bank account Mrs. Wang supposedly deposited with her "attorney".
External links
★ Asia's richest woman cleared in fraud case
★ HK richest lady wins will battle
★ Wang's Legacy: Sex, Lies And Litigation, ''Forbes Magazine''
★ PROBATE ACTION #8 OF 1999
★ The enigma of Little Sweetie, The Economist's Face Value on Mrs. Wang
References
1. 龔如心傳奇一生, Ming Pao, accessed 2007-04-04
2. http://www.forbes.com/lists/2007/10/07billionaires_Nina-Wang_B3AT.html
3. Life Sours For Little Sweetie Sour
4. http://news.bbc.co.uk/2/hi/asia-pacific/6524861.stm
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