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Jasmine Siu

A judge has asked the feuding family of late Hong Kong tycoon Henry Fok Ying-tung to consider alternatives to their lawsuit over his multibillion-dollar estate, warning relationships could worsen should the hearing continue.
Mr Justice David Lok Kai-hong on Friday encouraged parties to use the weekend to think about the case, as the court expects to start hearing evidence and call the first witness next week.
Out of concern there would be “further damage to relations” once witnesses took the stand, the judge said: “I would strongly urge parties to consider other options.”
Dispute over late Hong Kong tycoon Henry Fok’s estate ‘rather sad’: judge
The comment came just a day after he lamented how “very sad” it was that this dispute should end up in court.
“The court certainly does not want to see it getting to this stage,” Lok had said.
The High Court was hearing a fresh round of the legal battle over Fok’s HK$11.3 billion (US$1.4 billion) estate, this time in relation to a lapsed option to his dream project in Nansha in Guangzhou, which was considered significant to the valuation of one of his three flagship companies, Henry Fok Estates.
The Post reported in 2015 that, according to one estimate, the project was worth 30 billion yuan (US$3.9 billion).
Fok married three times and had 13 children before he died of cancer at the age of 83 in 2006.
All family members and a number of companies reached a settlement over the estate in 2012.
But five of his offspring, from his first family, are now embroiled in conflict.
The plaintiffs are Benjamin Fok Chun-yue, Nora Fok Lai-lor and Patricia Fok Lai-ping, while former legislator Timothy Fok Tsun-ting and Ian Fok Chun-wan are fighting their claims, alongside a list of entities.

Benjamin Fok is expected to be the first witness, with his testimony slated to begin on January 18.
At the heart of the latest dispute is a single share of the Panyu Development Company, which owned 51 per cent of a joint venture firm set up with the local government in 1992 to carry out the construction and development in Nansha.
The share was held by Yau Wing Company, a wholly owned subsidiary of Henry Fok Estates, until June 11, 1997, when it was transferred to Fok Ying Tung Foundation, a charity founded by the late tycoon, at the par value of HK$1.
At the same time, the foundation granted an option to Yau Wing to buy back the share before June 30, 2007.
But only Fok senior and Ian knew about the option at the material time and it was never exercised, leaving the share with the foundation after his death.
Speaking on the second day of his opening speech, Wong Yan-lung SC explained that his client, Ian, had forgotten about the option because it had become “meaningless” by the time of expiry in 2007, considering how the Nansha project was being developed and funded.
Wong said it was the late tycoon’s dream to turn Nansha into a modern harbour city, especially after he became state leader in 1993, but he came across a lot of difficulties in the initial years, including a lack of funding from the local authorities partnering in the joint venture.

The foundation, Wong said, was already a major contributor by 1997, advancing more than HK$645 million to Panyu Development with its casino income from Macau, while also lending money to Yau Wing.
Hong Kong Mortgage & Loan Corporation, a subsidiary of Henry Fok Estates, further lent HK$1 billion to Panyu Development by 1997.
But that was not enough, as reflected by Fok’s speech at the National People’s Congress in March 1998, during which he asked the state for a bailout, Wong said.
The counsel said Fok was then forced to switch to another model and so he set up Fok Ying Tung Ming Yuan Development Company, in which he injected HK$3.52 billion between 2000 and 2006, to steer the project, especially after the foundation transferred its casino income to a Macau foundation in 2002.
But it did not work out in the long run due to a fallout among the board members of Ming Yuan and so Ian turned to Henry Fok Estates for financial support after his father’s death, Wong said.
“It’s meaningless to talk about the Yau Wing option anymore,” the counsel said.
Wong also said the father was “a man of vision and planning” who would have set aside the HK$2.3 billion needed to exercise the option, if he did intend to buy back the interest.
It would be unrealistic to expect Henry Fok Estates to raise that substantial sum, Wong added.
His submission continues next Monday.


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Hong Kong courts

Hong Kong High Court judge urges feuding family of late billionaire tycoon Henry Fok to drop lawsuit

Ian Fok is among the siblings fighting over their late father’s estate. Photo: Felix Wong

Witnesses are due to be called to the High Court case next week. Photo: Warton Li

Ian Fok speaks in 2012 in front a model for Nansha Marina in Guangzhou. Photo: SCMP

Family of late tycoon Henry Fok back in court as battle begins over single company share worth billions

The late Henry Fok Ying-tung. Photo: Mark Ralston

Ian Fok appears at the High Court in Admiralty. Photo: Jelly Tse

Benjamin Yu SC, legal counsel to Nora Fok. Photo: Jelly Tse

Dispute over late Hong Kong tycoon Henry Fok’s estate ‘rather sad’, judge hearing the case says

The High Court heard a fresh round of legal battle over Henry Fok’s HK$11.3 billion estate, this time in relation to a lapsed option to his dream project in Nansha in Guangzhou. Photo: Warton Li

Ian Fok and four of his siblings are embroiled in conflict. Photo: Felix Wong

Henry Fok Ying-tung (right) is seen with Lo Chi-chung after their unopposed elections for junior club seats to the Hong Kong Football Association in July 1979. Photo: SCMP

Son of late tycoon Henry Fok believes a colour revolution will not succeed in Hong Kong

Ian Fok, chief executive of Fok Ying Tung Group. Photo: Sam Tsang

Anti-government protesters set fire to objects in Wan Chai following a rally in defiance of the anti-mask law issued by the government on October 5, 2019. 06OCT19 SCMP / Sam Tsang

Anti-government protesters place paper cranes along the Avenue of Stars at Victoria Harbour in Tsim Sha Tsui. 13OCT19 SCMP / K. Y. Cheng

Company representing children of late Hong Kong tycoon Henry Fok wants in on HK$38 billion project 

Ian Fok Chun-wan attends funeral service for former Hang Seng Bank Chairman Lee Quo-wei at Hong Kong Funeral Home in North Point. 22AUG13

Ian Fok was regarded as the right-hand man of his father Henry Fok. Photo: Sam Tsang

News

Hong Kong

Law and Crime


Warring relatives should think about alternatives to the courtroom for resolving questions surrounding Fok’s HK$11.3 billion estate, judge says
Five offspring from Fok’s first family are at loggerheads over a lapsed share option for megaproject in mainland China



Warring relatives should think about alternatives to the courtroom for resolving questions surrounding Fok’s HK$11.3 billion estate, judge says.


Hong Kong High Court judge urges feuding family of late billionaire tycoon Henry Fok to drop lawsuit

Warring relatives should think about alternatives to the courtroom for resolving questions surrounding Fok’s HK$11.3 billion estate, judge says Five offspring from Fok’s first family are at loggerheads over a lapsed share option for megaproject in mainland China

Warring relatives should think about alternatives to the courtroom for resolving questions surrounding Fok’s HK$11.3 billion estate, judge says

Five offspring from Fok’s first family are at loggerheads over a lapsed share option for megaproject in mainland China