Dr. Winston Wong Files Lawsuit in Hong Kong Seeking Return of Assets Belonging to His Late Father, YC Wang

HONG KONG, Dec. 19, 2011 /PRNewswire-Asia/ -- S. H. Leung & Co. Lawyers acting on behalf of Dr. Winston Wong, Ph.D., eldest son of the late Taiwanese industrialist and billionaire YC Wang, who died "intestate" (without a will) in October 2008 in the United States, today filed a claim (Writ of Summons: HCA 2154/2011) in the High Court of Hong Kong.  Suing as an heir and a beneficiary of the estate of YC Wang, Dr. Wong is seeking to have Hong Kong assets belonging to his late father recovered for the estate.

In the claim filed today, lawyers have identified 13 defendants including:

• Hua Yang Investment (H.K.) Limited and Winson International Investments Limited, the Hong Kong companies used to hold part of YC Wang's fortune, to the detriment of the estate and beneficiaries.
• Long-time Formosa Plastics Group (FPG) finance employees, Hung Wen Hsiung and Jao Chien Fang, who were entrusted to manage YC Wang's personal finances.
• Susan, Sandy and Diana Wang, daughters from YC Wang's Third Family.

Other key points of the claim are:

• The true value of YC Wang's global estate based on assets identified through an independent global investigation has to date been assessed at in excess of US$17 billion. This does not include the US$1.7 billion which has been declared to authorities in Taiwan.
• The value of assets identified in Hong Kong has been assessed in excess of US$4 billion.
• At the centre of this case is Hua Yang Investment (H.K.) Ltd., a Hong Kong registered company which owns interests in one of the largest privately held coal power plants in the PRC, a second PRC power plant and a 530-room hotel in Luoyang, PRC, amongst other assets.
• The defendants have acted individually and collectively to wrongly siphon off assets which are part of YC Wang's estate.
• They have done this by using Hong Kong and other corporate vehicles that are purportedly owned by various overseas trusts and private trust companies which are secretive, non-public, not subject to public scrutiny and serve primarily commercial purposes.
• These trusts are essentially a series of businesses owned and controlled by some of the defendants to the detriment of Dr. Wong, other heirs and beneficiaries of YC Wang's estate.

Dr. Wong today said: "Since my father's death more than three years ago, I have sought a full and transparent global accounting of all assets that should have been included in his estate. What I have found, through an extensive independent international investigation, is a web of deception intended to conceal his assets and deny the majority of his heirs, including my brother and sisters, their rightful legacy.  The results of this international investigation have brought me to Hong Kong.

"My legal team and I intend to show the Hong Kong court how businesses and assets belonging to my father were wrongfully diverted into shadow corporations, bank accounts and secretive off-shore trusts. We have a very strong case in Hong Kong.  As Y.C. Wang's eldest son I will carry this fight to other jurisdictions wherever necessary, until justice is done. My cause is just and my fight continues."

To watch a short video concerning this claim, please visit www.ycwangtruth.com.

For more information please contact:

Mark Walters at FTI Consulting, Strategic Communications
Telephone: +852-3768-4538
Mobile: +852-6790-1093
E-mail: [email protected]

Phoebe Ho at FTI Consulting, Strategic Communications
Telephone: +852-3768-4541
Mobile: +852-9301-7560
E-mail: [email protected]  

SOURCE S. H. Leung & Co.