Most people in Hong Kong know about Nina Wang. She was in the local news long before her death (for the equally intriguing tale surrounding her late husband's disappearance). For the rest of the world, she was once on Forbes list of richest people, coming in at some US$4-5 Billion net worth, and known as the richest woman in Asia. Whatever you say about her inherited wealth and bubbly persona and "unique" fashion sense, having met the woman once, I would say she was as business savvy a person as you expect to be a chairman of a listed conglomerate and wouldn't surprise me if she was the brains behind the operations.
Now fast forward to her death in 97. Her estate, still worth billions, was on one hand bequeathed to the Chinachem Charitable Foundation, or per a later will, left to Tony Chan (Chun Chuen). [For those not in probate or estate work, typically the last will & testament will super cede or wipe out any earlier will(s).] The will for Chan was made in the last months of Wang's cancer-stricken life, giving further doubt as to Wang's capacity if the will was not a forgery.
We are now awaiting for the judgement on the case brought by the Foundation against Chan. It seems that there wasn't enough evidence to render the Chan will an outright fraud, hence counsel ended up with a Wang-loves-Chan saga to give the Chan will legitimacy. Google a picture of Chan and you have this smiling, hyena-like bald guy with a comical dental work. Hardly the boy-toy type. If you buy the love story, then you probably need to recognise that Wang was off her rocker too.....double edged sword!
Chan was a former bartender, who became a self-taught fung shui practitioner and advised Wang on fortune and enriching and allegedly prolonging her life. Wang gave Chan some US$90 million during her lifetime. Chan is already likely the world's richest fung shui master....has a Gulfstream among other things thanks to Wang, but could stand to be on the Forbes list himself if he prevails. Oh, Chan was married thorough out the time he was involved with the widowed Wang.
We have had some 30+ days of testimony ranging from witnesses to both wills, handwriting experts, psychiatrists (offering opinions on the mental capacity of the deceased based on everything but without actually talking to the subject!), fung shui masters, to wacky details of Nina's belief in Chan's fung shui and alleged love affair as seen from Chan's loving perspective as well shocked friends and disbelieving family of Wang. The only thing missing was a night-vision sex tape.
Forget the tabloid fodder and we really do have a text-book case on how to litigate or defend a questionable/contentious will and there may be good pointers for trustees and lawyers on dealing with bequests and estates. How the judge rules on many of sordid points will be of great interest (to us with legal fetishes)
And for those with money, here's a good example of why you should take care of things well in advance. Do you want your family and loved ones in court for 10years after you're gone? If the will for Chan was written years ago and affirmed by others or Wang subsequently, there would be no case as it would been virtually incontestable. Or if Wang had actually started funding the Foundation while she was a alive then there would be less assets in the estate governed by the later Chan will.
Don't do things right and the only people getting rich are the litigators.
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