By KELVIN CHAN
Dec 20, 2011
HONG KONG (AP) — The son of late Taiwanese industrialist billionaire Wang Yung-ching is suing his half sisters and others in a Hong Kong court to recover $4 billion in assets belonging to his father’s estate.
In legal documents filed on Monday with the High Court of Hong Kong, Winston Wong alleges that three half sisters and 10 other defendants siphoned off assets from Wang’s estate, which is to estimated to be worth $17.6 billion.
Wang died in 2008 at the age of 91 without a will. He is survived by nine children from two women he never married who have feuded over his fortune in U.S. courts. Wang was also survived by his wife, who did not bear him any children.
Wang built Formosa Plastics Group into a multinational conglomerate headquartered in New Jersey. Forbes estimated his personal fortune the year he died was $6.8 billion.
The lawsuit says the Hong Kong portion of Wang’s global estate includes assets in mainland China including two power plants and a hotel.
Wong, the eldest son, said that research has uncovered a “web of deception intended to conceal his assets and deny the majority of his heirs, including my brother and sisters, their rightful legacy.”
Wong said he and his legal team intended to show the court that businesses and assets “were wrongfully diverted into shadow corporations, bank accounts and secretive offshore trusts.”
Other defendants include two longtime Formosa Plastics employees who were entrusted with Wang’s personal finances.
Formosa Plastics declined to comment on the lawsuit.
Annie Huang in Taipei contributed to this report.
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