Nina Wang
Encyclopedia
Neena Wang or Kung Yu Sum (29 September 1937 – 3 April 2007) was Asia
's richest woman, with a recent estimated net worth
of US$
4.2 billion at the time of her death. Wang was the widow of Hong Kong
chemical magnate Teddy Wang
(Wang Teh Huei, 王德輝), who disappeared in 1990 after a kidnapping.
, where she was a childhood playmate of Teddy Wang. Teddy's father Wang Din-shin 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.
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 world's 35th richest person, with a fortune of $4.2bn, according to Forbes magazine; a fortune which exceeded that of American talk show host Oprah Winfrey.
under the title of "Chairlady" and built it into a major property developer.
s 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 Neena. 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 Neena and included the phrase "one life, one love", in English, with the rest of the will in Chinese, stating that the Wang family was disappointing. This will had a signature indicating it was witnessed by the family butler.
On 21 November 2002, after a 171-day courtroom battle featuring some of Hong Kong's most prominent lawyers and Wang Din-shin accusing Nina of adultery, 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. Neena appealed against the ruling but lost in a 2-1 decision on 28 June 2004. The money was handed over to Wang Din-shin. On 28 January 2005, Neena was formally charged with the forgery and freed on bail.
On 16 September 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 2 December 2005, prosecutors in the fraud case officially dropped all charges, effectively exonerating Wang.
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.
On 13 April 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 Harvard University. During her treatment, which lasted for 3 years and 2 months, various leading-edge medications were tried. But, despite those treatments, Wang finally lost her battle.
, published on 8 April 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 8 April 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 9 April 2007, Hong Kong newspaper Apple Daily reported that the Kung family insisted that Neena 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 of Midgley's statement. Apple Daily also describes Midgley's client as a 'mysterious person'.
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, Tony Chan Chun-chuen, as the beneficiary. http://news.yahoo.com/s/afp/20070419/lf_afp/hongkongpeoplewang_070419185016
On 8 July 2007, the newspaper The Sun (Hong Kong)
reported there is a "final will" written in 2007 that the estate would be divided into 4 parts of many beneficiaries, including Wang Din-shin and the long time workers of the Chinachem Group
, but there has been no later news about this, so this "final will" may not exist.http://the-sun.on.cc/channels/news/20070808/20070808023029_0000.html
Following a lengthy court battle over Wang's estate, the court ruled on 2 February 2010 that, while the court accepted Tony Chan's claim that he and Wang had been secret lovers, the alleged 2006 will presented by Chan bore a forged signature. The court therefore upheld the 2002 will awarding Wang's entire estate to the ChinaChem Charitable Foundation. Chan declared his intention to appeal, but the following day his home was searched by the police and he was arrested for questioning on suspicion of forgery.
Apple Daily made an enquiry of Mr. Wong Lai-chuen, Wang's former personal assistant. He explained that Teddy Wang "had been disappearing only", suggesting that Neena Wang had believed her husband was still alive.
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
's richest woman, with a recent estimated net worth
Net worth
In business, net worth is the total assets minus total outside liabilities of an individual or a company. For a company, this is called shareholders' preference and may be referred to as book value. Net worth is stated as at a particular year in time...
of US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
4.2 billion at the time of her death. Wang was the widow of Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
chemical magnate Teddy Wang
Teddy Wang
Teddy Wang was a prominent Chinese businessman and founder of the Chinachem Group who was kidnapped for ransom in 1990, and later declared legally dead...
(Wang Teh Huei, 王德輝), who disappeared in 1990 after a kidnapping.
Early life
Kung Yu Sum was born in ShanghaiShanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, where she was a childhood playmate of Teddy Wang. Teddy's father Wang Din-shin had established a paint and chemical business. The Wangs moved to Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, and the business became the Chinachem Group
Chinachem Group
Chinachem Group is a company that was established before 1974 in Hong Kong by Teddy Wang. After Wang's kidnapping and disappearance in 1990, his wife Nina Wang took over the company as "Chairlady" and built it into a major property developer, making her the richest woman in Asia. The Chinachem...
, 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.
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 world's 35th richest person, with a fortune of $4.2bn, according to Forbes magazine; a fortune which exceeded that of American talk show host Oprah Winfrey.
Kidnappings
On 12 April 1983, the Wangs' Mercedes was hijacked. Teddy Wang was taken away and chained to a bed for eight days until Neena Wang paid a $33 million ransom. On 10 April 1990, Teddy Wang was kidnapped again. After his disappearance, Neena took the helm of ChinachemChinachem Group
Chinachem Group is a company that was established before 1974 in Hong Kong by Teddy Wang. After Wang's kidnapping and disappearance in 1990, his wife Nina Wang took over the company as "Chairlady" and built it into a major property developer, making her the richest woman in Asia. The 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 his fortune began in earnest, with at least three different willWill (law)
A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his/her estate and provides for the transfer of his/her property at death...
s 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 Neena. 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 Neena and included the phrase "one life, one love", in English, with the rest of the will in Chinese, stating that the Wang family was disappointing. This will had a signature indicating it was witnessed by the family butler.
On 21 November 2002, after a 171-day courtroom battle featuring some of Hong Kong's most prominent lawyers and Wang Din-shin accusing Nina of adultery, High Court
High Court (Hong Kong)
The High Court in Hong Kong consists of the Court of Appeal and the Court of First Instance. It deals with criminal and civil cases which have risen beyond the lower courts. It was named the Supreme Court before 1997.- High Court Building :...
Justice David Yam declared the 1990 will a forgery
Forgery
Forgery is the process of making, adapting, or imitating objects, statistics, or documents with the intent to deceive. Copies, studio replicas, and reproductions are not considered forgeries, though they may later become forgeries through knowing and willful misrepresentations. Forging money or...
and awarded all of Teddy Wang's estimated $128 million estate to Wang Din-shin. Neena appealed against the ruling but lost in a 2-1 decision on 28 June 2004. The money was handed over to Wang Din-shin. On 28 January 2005, Neena was formally charged with the forgery and freed on bail.
On 16 September 2005, the Court of Final Appeal overturned the previous High Court ruling, giving control of the multi-billion dollar Chinachem
Chinachem Group
Chinachem Group is a company that was established before 1974 in Hong Kong by Teddy Wang. After Wang's kidnapping and disappearance in 1990, his wife Nina Wang took over the company as "Chairlady" and built it into a major property developer, making her the richest woman in Asia. The Chinachem...
firm back to Mrs Wang. On 2 December 2005, prosecutors in the fraud case officially dropped all charges, effectively exonerating Wang.
Death
On 4 April 2007, ChinachemChinachem Group
Chinachem Group is a company that was established before 1974 in Hong Kong by Teddy Wang. After Wang's kidnapping and disappearance in 1990, his wife Nina Wang took over the company as "Chairlady" and built it into a major property developer, making her the richest woman in Asia. The Chinachem...
announced that Wang died at the Hong Kong Sanatorium and Hospital
Hong Kong Sanatorium and Hospital
Hong Kong Sanatorium and Hospital , or HKSH, is a private hospital established in 1922 in Happy Valley, Hong Kong.It is one of the most famous of the Hong Kong hospitals, renowned for its high quality hospital services and comfortable accommodation for patients. All clients can also choose their...
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.
On 13 April 2007, Chinachem
Chinachem Group
Chinachem Group is a company that was established before 1974 in Hong Kong by Teddy Wang. After Wang's kidnapping and disappearance in 1990, his wife Nina Wang took over the company as "Chairlady" and built it into a major property developer, making her the richest woman in Asia. The 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 Harvard University. During her treatment, which lasted for 3 years and 2 months, various leading-edge medications were tried. But, despite those treatments, Wang finally lost her battle.
Controversy over cause of death
In an interview with Apple DailyApple Daily
Apple Daily is a Hong-Kong-based tabloid-style newspaper founded in 1995 by Jimmy Lai Chee Ying and is published by its company, Next Media. A sister publication carrying the same name is published in Taiwan, Republic of China under a joint venture between Next Media and other Taiwanese companies...
, published on 8 April 2007, Hong Kong shipping tycoon Cecil Chao hit back at gambling magnate Stanley Ho
Stanley Ho
Stanley Ho, GBM, GLM, GBS, GML, OBE , also known as Ho Hung Sun, Stanley Ho Hung Sun, is an entrepreneur in Hong Kong and Macau. Ho is sometimes nicknamed "The King of Gambling", reflecting the government-granted monopoly he held of the Macau gambling industry for 40 years...
, 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
High Court (Hong Kong)
The High Court in Hong Kong consists of the Court of Appeal and the Court of First Instance. It deals with criminal and civil cases which have risen beyond the lower courts. It was named the Supreme Court before 1997.- High Court Building :...
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 8 April 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 8 April 2007, Hong Kong newspaper Sunday Morning Post reported that 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.On 9 April 2007, Hong Kong newspaper Apple Daily reported that the Kung family insisted that Neena 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 of Midgley's statement. Apple Daily also describes Midgley's client as a 'mysterious person'.
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
Feng shui
Feng shui ' is a Chinese system of geomancy believed to use the laws of both Heaven and Earth to help one improve life by receiving positive qi. The original designation for the discipline is Kan Yu ....
consultant, Tony Chan Chun-chuen, as the beneficiary. http://news.yahoo.com/s/afp/20070419/lf_afp/hongkongpeoplewang_070419185016
On 8 July 2007, the newspaper The Sun (Hong Kong)
The Sun (Hong Kong)
The Sun is one of the newspapers in Hong Kong, first published in March 1999. It belongs to the Oriental Press Group Limited .There is also an electronic version of The Sun on the Internet...
reported there is a "final will" written in 2007 that the estate would be divided into 4 parts of many beneficiaries, including Wang Din-shin and the long time workers of the Chinachem Group
Chinachem Group
Chinachem Group is a company that was established before 1974 in Hong Kong by Teddy Wang. After Wang's kidnapping and disappearance in 1990, his wife Nina Wang took over the company as "Chairlady" and built it into a major property developer, making her the richest woman in Asia. The Chinachem...
, but there has been no later news about this, so this "final will" may not exist.http://the-sun.on.cc/channels/news/20070808/20070808023029_0000.html
Following a lengthy court battle over Wang's estate, the court ruled on 2 February 2010 that, while the court accepted Tony Chan's claim that he and Wang had been secret lovers, the alleged 2006 will presented by Chan bore a forged signature. The court therefore upheld the 2002 will awarding Wang's entire estate to the ChinaChem Charitable Foundation. Chan declared his intention to appeal, but the following day his home was searched by the police and he was arrested for questioning on suspicion of forgery.
Obituary
The 13 April 2007 obituary of Neena Wang was published in various Hong Kong newspapers. However, the handling of the obituary contents sparked speculation that Teddy Wang was actually still alive. The obituary suggested that it was Teddy Wang himself who issued the obituary. The obituary did not follow the Chinese tradition in which Teddy Wang's name should have been framed by a black border, representing a person already deceased.Apple Daily made an enquiry of Mr. Wong Lai-chuen, Wang's former personal assistant. He explained that Teddy Wang "had been disappearing only", suggesting that Neena Wang had believed her husband was still alive.
See also
- Neena Tower - The tower Neena Wang planned and developed for her and her husband Teddy.
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
- Legal Reference System Online legal documents of NEENA KUNG v. WANG DIN SHIN and WANG DIN SHIN v. NEENA KUNG.
- PROBATE ACTION #8 OF 1999
- The enigma of Little Sweetie, The EconomistThe EconomistThe Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
's Face Value on Mrs. Wang - HONG KONG SPECIAL ADMINISTRATIVE REGION Online legal document of the Nina's will case