Chinachem Charitable Foundation fails to get more control of Nina Wang estate
(04-11 16:16)
The Chinachem Charitable Foundation has failed in its bid to gain more control of the estate of late tycoon, Nina Wang.
The Court of Appeal has ruled that the foundation is only holding the HK$82 billion assets as a charitable trust, rather than "an absolute gift".
In her Will, Nina Wang said she wanted the assets to be used for charitable purposes.
The foundation tried to argue it should have the final say on how to use the money, because Mrs Wang's words were merely a guide.
However the three-judge panel disagreed, ruling that Nina Wang's directions were firm and had a binding effect. --RTHK
Sunday, April 27, 2014
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Thank you for commenting.
Your comment will be held for approval by the blog owner.