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Hong Kong Court Awards Wang Fortune to Foundation

February 2, 2010, 3:46 pm

Following a nearly nine-month trial that gripped Hong Kong’s news media and business world, a judge ruled today that the estate of Asia’s wealthiest woman should go to the charity she founded rather than to her alleged lover, Bloomberg reports.

The Chinese city’s High Court upheld a 2002 will awarding Nina Wang’s fortune — estimated by Forbes to be $4.2-billion at the time of her death in 2007 and valued as high as $13-billion by Hong Kong news media — to the family-run Chinachem Charitable Foundation. A 2006 will produced by Tony Chan, a feng shui master who claimed to have had an affair with Ms. Wang, was ruled invalid.

Ms. Wang inherited billions from her husband, Teddy Wang, a property magnate who was declared legally dead in 1999, nine years after he was kidnapped.

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