HK tycoon's ex-wife gets HK$1.22b in settlement
Not exactly a business ... Still a big deal nonetheless.
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A Hong Kong heir to a property fortune has been ordered to pay his ex-wife more than HK$ 1.22 billion (US$ 157 million) in one of the city's biggest divorce settlements, Hong Kong media reported Friday.
High Court Justice John Saunders ruled yesterday that Samathur Li Kin-kan, the son of billionaire Samuel Tak Lee, pay Florence Tsang Chiu-wing HK$ 1.22 billion -- which represents 20 percent of the couple's assets when applying the "sharing principle." The settlement is slightly more than half the amount demanded by Tsang.
Saunders said the couple lived a "lifestyle best described as just below that of a US-dollar billionaire", and ruled that Tsang, a 38-year-old solicitor, should be kept in the comfort to which she had become accustomed.
Tsang reacted to the decision with "cheers and a broad smile", reports said. "I'm delighted that the proceedings have now concluded," she was quoted as saying in the courtroom.
The settlement includes a HK$ 250 million Hong Kong property, a London property valued at HK$ 30.53 million, HK$ 2.5 million to buy two cars, HK$ 5 million for a yacht and HK$ 4.6 million for club memberships in Hong Kong and UK. She was given HK$ 215 million as a "Duxbury award" - a fixed sum for life.
The court ordered the US$ 26 million to be paid immediately, with the balance of HK$ 1.02 billion to bear interest if not paid within 90 days.
Saunders also alleged that Li and his billionaire father, Samuel Tak Lee, had forged documents in a bid to protect Li's wealth from his ex-wife by transferring it to the father's name.
He ordered prosecutors to investigate the documents. He also ordered Li to pay Tsang's legal costs.
In March this year, Li was worth HK$ 6.42 billion, while his wife was worth HK$ 79 million. A separate fund of HK$ 26 million will be set up for their daughter, who is now three years old.
During the hearings, the court heard that Li - whose father's Prudential Enterprise owns property around the world - lived a lavish lifestyle and spent extravagantly on cars, yachts, luxury apartments and home entertainment.
The marriage broke down after Li demanded his wife have an abortion, which she refused. He then had an affair and saw his daughter only twice after she was born, according to media reports.
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China: A Century of Revolution (Three Disc Set)
China: A Century of Revolution is a six-hour tour de force journey through the country's most tumultuous period. First televised on PBS, this award-winning documentary series presents an astonishingly candid view of a once-secret nation with rare archival footage, insightful historical commentary and stunning eyewitness accounts from citizens who struggled through China's most decisive century. China in Revolution charts the pivotal years from the birth of the new republic to the establishment of the PRC, through foreign invasions, civil war and a bloody battle for power between Mao Zedong and Chiang Kai-shek. The Mao Years examines the turbulent era of Mao's attempts to forge a "new China" from the war-ravaged and exhausted nation. Born Under the Red Flag showcases China's unlikely transformation into an extraordinary hybrid of communist-centralized politics with an ever-expanding free market economy. Monumental in scope, China: A Century of Revolution is critical viewing for anyone interested in this increasingly powerful and globally influential country.DISC ONE Part One: China in Revolution 1911-1949 (1989)
DISC TWO Part Two: The Mao Years 1949-1976 (1994)
DISC THREE Part Three: Born Under the Red Flag 1976-1997 (1997)
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