Hong Kong’s top court has ruled that the Chinachem Charitable Foundation is a trustee and not a beneficiary of a trust created by the late tycoon Nina Wang. The Court held that Nina Wang made it clear in her will that she intended for the Foundation to serve as the trustee of a charitable trust. The Court rejected the Foundations request to receive part of her $83 billion estate as an absolute gift. As a trustee the Foundation will have to submit to a greater amount of supervision from the court to make sure its charitable intent is fulfilled.
See Thomas Chan, Court rules Nina Wang intended her foundation to hold fortune as a trustee, not beneficiary, South China Morning Post, May 18, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
