Department of Justice appoints Nina Wang Charity Management as Estate Trustee

6th January 2025 – (Hong Kong) The Department of Justice has confirmed that the Court of First Instance of the High Court appointed Nina Wang Charity Management Limited as the trustee for the charitable trust of the late Mrs Nina Wang. Additionally, the Secretary for Justice has selected Mrs Rita Fan Hsu Lai-tai, Mr Joseph Yam Chi-kwong, and Mr Cheng Yan-kee to serve on the supervisory managing organisation responsible for overseeing the trustee’s operations.

In accordance with Hong Kong law, the Secretary for Justice plays a crucial role in safeguarding charitable interests. Mrs Wang’s will expressed her intention to establish a charitable fund, prompting the Secretary for Justice to intervene in the estate’s affairs due to the significant public interest involved. Following a court ruling on 16th May, 2024, the scheme for managing the estate was approved.

The appointed trustee, Nina Wang Charity Management Limited, is a special purpose vehicle that operates as a company limited by guarantee, with its sole member being The Financial Secretary Incorporated. To uphold Mrs Wang’s wishes, an independent supervisory managing organisation has been formed to ensure the trustee operates with integrity and sound judgement.

The trustee has been tasked with overseeing the business activities of the Chinachem Group, approving financial budgets, and managing charity-related initiatives. This includes the establishment of a fund and a prestigious Chinese prize, designed to have global significance, akin to the Nobel Prize.

In line with the scheme’s terms, the Secretary for Justice applied for the court’s approval to appoint the trustee, which was granted on 21st November, 2024. The trustee will soon disclose information regarding the board of governors and other relevant details to the public.

The Department of Justice is confident that, with the formation of the board of governors, the trustee will diligently manage the charitable trust under the supervision of the supervisory organisation, fulfilling Mrs Wang’s testamentary wishes and benefiting various sectors of Hong Kong society.

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