Business

Taiwan tycoon's son sues for $4bn in family dispute

Formosa Plastics headquarters in Taipei
Image caption Formosa Plastics is one of Taiwan's biggest industrial companies

The eldest son of the late Taiwan tycoon Wang Yung-ching says he has sued in Hong Kong to recover $4bn (2.6bn gbp) worth of disputed assets.

Winston Wong alleges that the assets belong to the estate of his father, the founder of Formosa Plastics, who died in 2008 without a will.

Mr Wong claims the assets were wrongly siphoned off by members of his father's third family and company executives.

The case reflects the succession issues faced by Asia's corporate dynasties.

Earlier this year, a bitter family feud erupted in Hong Kong between the four families of billionaire Stanley Ho over his Macau casino business.

It was only resolved when Mr Ho gave up almost all his share of the business he had built up over five decades.

Mr Wang, who was once Taiwan's richest man, had three wives, but only the first wife was registered as his official wife and she did not bear any children.

Mr Wang had five children with his second wife, and four with his third.

"Since my father's death more than three years ago, I have sought a full and transparent global accounting of all assets that should have been included in his estate," Mr Wong said in a statement.

"What I have found, through an extensive independent international investigation, is a web of deception intended to conceal his assets and deny the majority of his heirs, including my brother and sisters, their rightful legacy," he added.

The lawsuit names the daughters of the late Mr Wang's third wife - Susan, Sandy and Diana Wang - as well former Formosa Plastics finance employees as among 13 defendants.

Mr Wong alleges they siphoned off assets that should be part of the late Mr Wang's estate by using Hong Kong and other corporate vehicles owned by secretive overseas trusts.

Mr Wang died in the US in 2008 at the age of 91.

He began his business career selling rice and started Formosa Plastics in 1954 and turned it into one of Taiwan's biggest companies.

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