The brother of the late tycoon Nina Wang Kung Yu-sum has warned the claimant to her multibillion-dollar Chinachem estate, fung shui master Tony Chan Chun-chuen, that he will not see a penny of it.Wang’s brother Kung Yan-san insists the entire estate will go to charity.
Kung, breaking days of silence after reports of a possible settlement between rival claimants Chinachem Charitable Foundation and Chan, told The Standard’s sister publication Eastweek that no one outside the charity will get a cent – including himself.
Asked if he will reach a solution with Chan on the settlement of Wang’s estate, Kung retorted: “Yes, if he does not get a penny. The entire estate should go to charity as my sister intended.”
According to a proposal leaked to the media, Wang’s mother and her three siblings will each get US$100 million (HK$780 million). The remainder will be divided with 65 percent to the foundation and 35 percent to Chan.
The split had reportedly been suggested by a lawyer in 2007, soon after Wang’s death, but Chan had rejected it at the time.
Kung, a doctor, said he is not interested in getting any of his sister’s estate, adding that if he had wanted money, he could have helped himself and walked away.
He emphasized that he has not softened his stance over the estate, but could not reveal any details of what is being discussed by the two sides.
“It was they who made the details public. Will Chan make the whole proposal public? Who’s the one who wants to reconcile now?” Kung asked.Kung recalled that as far back as 2002 Wang had said she wanted to use her estate for charity, a plan he supported.
He believes this was because of the anguish she suffered when her husband Teddy Wang Teh-huei was twice kidnapped – in 1983 and 1990 – followed by his eventual disappearance after the second kidnapping. He was presumed dead in 1999. Kung blamed himself for not helping his sister and allowing Chan the opportunity to step into her life.
“I have to accept responsibility for that. My sister had asked me to help her in the business soon after the death of my brother-in-law. I turned her down as I did not know anything about business, after all I am only a doctor. Besides, I don’t want to get rich by relying on anybody,” he said.
“My sister was a brilliant businesswoman but when it came to human relationships, she was innocent.”
Kung said the foundation’s financial situation has improved with donations from others. It was said a lot of local tycoons had been supporting the foundation and the government is also on its side, he claimed.
Kung did not disclose how much money the foundation has but said it will be enough “to beat Chan totally.”