Hong Kong’s justice minister names 3 to oversee estate of late tycoon Nina Wang

Hong Kong’s justice minister has appointed three individuals to supervise the operation of a charitable foundation managing the estate of the late Nina Wang Kung Yu-sum, once Asia’s richest woman.

The Department of Justice said on Monday that former Legislative Council president Rita Fan Hsu Lai-tai, ex-Hong Kong Monetary Authority CEO Joseph Yam Chi-kwong and former Baptist University council chairman Cheng Yan-kee had been appointed to serve as members of the supervisory managing organisation (SMO) responsible for overseeing the trustee’s operation.

The High Court appointed Nina Wang Charity Management as the trustee last November, it added.

“In accordance with Mrs Wang’s testamentary wishes, an SMO formed by three independent individuals [was] set up to supervise the operation of the trustee,” the department said.

“The appointees, who are appointed by the [secretary of justice], must possess unquestionable integrity, experience and judgment,” it said.

The department said it “firmly” believed that once the trustee’s board of governors had been established, the administrators would do their “utmost … to fulfil Mrs Wang’s testamentary wishes and bring benefits to the country, including different sectors of Hong Kong society.”