Formosa Plastics Heirs Sues Adviser

One of the heirs Formosa Plastics Group’s late founder Wang Yung-ching has brought a suit in four jurisdictions against an adviser, Hung Wen Hsiung, “for transfering [sic] the bulk of the family fortune valued at $15 billion into Bermuda trusts controlled by other family members.” The heir, Winston Wong, is seeking to invalidate the transfers that Hsiung made into the trusts. Hsiung, Wong’s three half-sisters, and Formosa’s chairman, William Wong, were appointed to become the trust’s managers.

Most of the claims are still pending; however, the suit in New Jersey has been dismissed for lack of jurisdiction. The proceeding in Taiwan has been resolved by the courts. According to Bloomberg, “the case is between Wong Wen-Young and Grand View Private Trust Co. before the Supreme Court of Bermuda.”

See Debra Mao, Formosa Plastics Heir Sues Over $15 Billion In Trusts, Bloomberg, Apr. 9, 2013.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.