Papers Filed In Bermuda Over $15 Billion Fortune
Papers have been filed in a Bermuda Court by Dr. Winston Wong of Taiwan who is seeking to invalidate the transfer of assets that are now valued at more than US $15 billion.
Dr. Wong, eldest son of the late Yung-Ching Wang, founder of Taiwan’s Formosa Plastics Group, filed a lawsuit in the Supreme Court of Bermuda about the assets, which include millions of shares of Formosa Plastics Corp., Formosa Chemicals & Fibre Corp., Nan Ya Plastics Corp., and Formosa Petrochemical Corp.
Dr. Wong’s lawsuit claims that the transfer of Y.C. Wang’s assets into the trusts is invalid and he seeks to have these assets returned to what he said was their rightful owners – Y.C. Wang’s estate and legal heirs.
The lawsuit names as defendants, the Grand View Private Trust Company Ltd. (established in 2001), Transglobe Private Trust Company Ltd. (2002), Vantura Private Trust Company Ltd. (2005) and Universal Link Private Trust Company Ltd. (2005), all of which are incorporated in Bermuda.
Mr. Hung Wen Hsiung, the late Y.C. Wang’s long-time personal financial advisor, is also named as a defendant for his role in creating the trusts and transferring Y.C. Wang’s assets to the trusts.
Mark Stoutenburg, Dr. Wong’s attorney, said that after years of searching, Dr. Wong had found “no credible evidence” that the trusts were established with his father’s consent.
Ms Stoutenburg said, “There is no evidence that Mr. Wang knew that the transfer of these assets would permanently strip him of his ownership of them and give control of the assets to just a tiny minority of his large family. The Bermuda trusts together hold approximately 90 percent of Y.C. Wang’s personal fortune.
“Given Y.C. Wang’s famously meticulous attention to detail, it is inconceivable that he would have approved transactions of such magnitude and importance without being involved in every step.
“There is no evidence, however, that he ever saw, read or signed any of the complex documents establishing the trusts – which were written in English, a language neither he nor his advisor Mr. Hung could speak or read. The defendants and their agents do not deny these facts,” he continued.
“The Wang Chang Gung Charitable Trust, established by Y.C. Wang and named in honor of Dr. Wong’s grandfather, was the blueprint for Mr. Wang’s charitable giving. He was very detailed and specific about its mission, its management, and its financing. He included his entire family. He did nothing in secret. He left nothing to chance. He made everything transparent.”
Dr. Wong said, ”The Bermuda court now has an opportunity to recognize and resolve the injustice that has been perpetrated on my father, on his heirs, the shareholders of FPG, and on the people and government of Taiwan. We trust that justice and truth will prevail.”
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I would guess this would make for some pretty nervous barristers and trust managers.
I hope the BMA are watching this closely
Just because there is a suit filed, you guys think it has merit
SMH
Didn’t say it had merit. I said it is probably making lawyers and fund managers nervous. Or am I wrong?
It certainly sounds like it has merit especially if it was written in english and not the native tongue of the philanthropist…this smacks of a lot of dirty laundry that is being rinsed all around the world and Bermuda is no exception to it.I certainly empathize with their cause, Chinese and Asians don’t play, and should never be underestimated because english is not their native tongue.. why would anyone put ninty percent of their personal wealth anywhere in another language that they do not recognize?????American dollar is worthless and they have little assets, not even gold backing to their dollar anymore and they are dragging canada with them..Oil rich and resourses rich countries have always been targeted by US who continue to undermine the intelligence of anyone but themselves…With that amount of wealth one needs to have an eye for detail, and in order to maintain it cannot for a moment be so cavalier as to hand over finances without going through the paperwork with a finetooth comb, how can one do that if it is illegible?I certainly would not sign off my precious little assets without knowing the full disclosure of the trust!!Hope this gets sorted out fair and square..there is a lot of desparation around the world and the rinse is getting all the dirt out from the laundry..
So? mind handing over $2million? I have a very expensive lifestyle to maintain. Gotta keep up with the rich folk at all times, rub shoulders with the wealthy. Wine/Dine at the most expensive restaurants. Drive the most pimped out ride. Must keep up with my “me shopping”. Oh! don’t forget that I have to keep up my weave. I use the “human hair” from India. Can’t do that without the funds. Can you hook a sista up?