The estate case of the late Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference Huo Yingdong will continue to be tried in the High Court today (13th). .
In the 2012 settlement, Huo Zhenyu asked for the appointment of a sole accountant to investigate the value of the estate because he did not trust Huo Zhenhuan.
In addition, the presiding judge described the case as sad this morning. He believed that Huo Zhenhuan just wanted to realize his father's real estate dream. Huo Liping and Huo Zhenyu, who filed the lawsuit, were concerned about whether the Nansha development project was in losses and harmed the interests of the family. Neither of them acted for personal interests. bring the action.
The plaintiffs in this case are the third son of Changfang, Huo Zhenyu, the eldest daughter, Huo Liping, and the second daughter, Huo Lina. They asked Yourong Co., Ltd. to buy back part of the equity of the Nansha project.
The defendants include Changfang's eldest son, Fok Zhenting, second son, Huo Zhenhuan, and related family companies, including Fok Xingyetang Real Estate Co., Ltd., Yourong Co., Ltd., and Fok Yingdong Fund Co., Ltd., etc.
Fok Yingdong will not be able to divide production until 20 years after his death
Huang Renlong, the senior counsel representing Huo Zhenhuan, said that Huo Zhenhuan was reused by his father, Huo Yingdong, and had been assisting his father's business.
Huo Yingdong's will in 1978 mentioned that after Huo Yingdong's death, Huo Zhenhuan would get 30 million yuan from the estate, Huo Zhenting and Huo Zhenyu would get 20 million yuan, and Huo Liping and Huo Lina would each get 5 million yuan.
In addition, Huo Zhenhuan can receive 100,000 yuan per month, Huo Zhenting and Huo Zhenyu can receive 50,000 yuan per month, and Huo Liping and Huo Lina can receive 10,000 yuan per month.
The will stipulated that Fok Yingdong could not divide the property until 20 years after his death.
Huang Renlong (pictured), senior counsel representing Huo Zhenhuan, said that Huo Zhenhuan did not benefit from handling the family business. He also pointed out that Huo Zhenyu and others originally called the Nansha project a "pig skull", but only changed their name to "Jinshan" during the 2012 Great Reconciliation.
(Photo by Zhu Dixin)
Huo Zhenhuan once agreed to share funds involving 1.6 billion yuan
Huang Renlong continued to point out that in order to maintain family harmony and his father's reputation, Huo Zhenhuan agreed to share a fund jointly held with his father and family members, which involved 1.6 billion yuan.
Huo Zhenhuan has no personal interests in dealing with his father's estate and the Nansha project.
However, over the years, there have been many disputes with other family members. During the reconciliation in 2012, Huo Zhenyu, because he did not trust Huo Zhenhuan, asked to appoint a single accountant to investigate the value of the estate.
Huo Zhenyu once described the Nanshan project as a pig's skull
Regarding the dispute involved in the Nansha development project, Huang Renlong revealed that Huo Zhenyu once described the project as a "pig skull" in the meeting, and Huo Liping also opposed the continued investment in the Nansha project.
It was only after Fok Zhenyu met with the former chief executive Tung Chee-hwa and understood the project that he described it as a "golden mountain".
The court revealed that Huo Yingdong's estate amounted to 11.3 billion yuan.
(See the picture below for details)
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Failure to disclose the Nansha project is just negligence
Regarding Huo Zhenyu's accusation that Huo Zhenhuan did not disclose the repurchase option dutifully, Huang Renlong emphasized that Huo Zhenhuan forgot the matter in 2007, which can only be said to be negligence, not a breach of fiduciary responsibility.
Officials say neither party is acting for personal gain
In addition, when the barrister representing Huo Liping gave a speech, the presiding judge Lu Qikang described the case as sad, and pointed out that the children of Changfang did not file the lawsuit for their own interests. Huo Zhenhuan just wanted to realize his father's real estate dream.
Case numbers: HCA92, 274, 275/2016
Huo's family dispute over the Nansha project, the head of the house, accused the Huo Yingdong estate of 11.3 billion yuan Huo Zhenhuan and Huo Lina both praised the settlement of the Huo family's unfinished property dispute.
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