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**ImmitsRom** · 12-01-2010, 11:39 PM

Tycoon's wife sues daughter over money

Chen Din-hwa
A money dispute involving the family of Hong Kong billionaire Chen Din-hwa was exposed with the wife suing their own daughter. Yang Foo-oi, in her 80s, has filed a suit against Vivian Chen Wai-wai, 51, for damages and other relief. According to court documents, the dispute was over the distribution of Chen's assets to Yang, Wai-wai and his other daughter between 2003 and 2005.

Chen Wai-wai
Chen, 87, is the founder of Nan Fung Group - a leading company in textile business established in 1954. He is also dubbed the "King of Cotton Yarn". The tycoon was born in Ningbo, China. After completing his education, he went to Shanghai and worked at a trading company.

By only 20, he was already the General Manager of three business organisations in Shanghai and Ningbo. He moved to Hong Kong in 1949. Chen also has other businesses including shipping, construction and property management. According to Forbes magazine, Chen is one of the 10 richest man in Hong Kong with a wealth of US$3.2bil.

The tycoon has retired. He spends most of his time doing charity work. He has also been rumoured to be suffering from Alzheimer's disease. Wai-wai became the Chairman and Managing Director of Nan Fung last year. On Tuesday, she issued a statement saying that the family dispute would not affect business operations.

12-01-2010, 11:39 PM	#2
ImmitsRom Join Date Oct 2005 Posts 607 Senior Member	Tycoon's wife sues daughter over money Chen Din-hwa A money dispute involving the family of Hong Kong billionaire Chen Din-hwa was exposed with the wife suing their own daughter. Yang Foo-oi, in her 80s, has filed a suit against Vivian Chen Wai-wai, 51, for damages and other relief. According to court documents, the dispute was over the distribution of Chen's assets to Yang, Wai-wai and his other daughter between 2003 and 2005. Chen Wai-wai Chen, 87, is the founder of Nan Fung Group - a leading company in textile business established in 1954. He is also dubbed the "King of Cotton Yarn". The tycoon was born in Ningbo, China. After completing his education, he went to Shanghai and worked at a trading company. By only 20, he was already the General Manager of three business organisations in Shanghai and Ningbo. He moved to Hong Kong in 1949. Chen also has other businesses including shipping, construction and property management. According to Forbes magazine, Chen is one of the 10 richest man in Hong Kong with a wealth of US$3.2bil. The tycoon has retired. He spends most of his time doing charity work. He has also been rumoured to be suffering from Alzheimer's disease. Wai-wai became the Chairman and Managing Director of Nan Fung last year. On Tuesday, she issued a statement saying that the family dispute would not affect business operations.
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