How would you like your heirs battling over your estate, in court, through press releases and social media? That's what's happening with the heirs to Yung-Ching Wang, multi-billionaire founder of Formosa Plastics Group. I wrote about the battle in August 2009, and now things are starting to heat up. Today global business advisory firm FTI Consulting sent out a news release headlined: "Dr. Winston Wong Files Lawsuit in Hong Kong Seeking Return of Assets Belonging to His Late Father, YC Wang." According to the release, Winston Wong -- YC Wang's oldest son -- believes certain defendants named in his claim have siphoned off assets that are part of YC Wang's estate. "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. 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. The results of this international investigation have brought me to Hong Kong," Wong said in the release. "My legal team and I intend to show the Hong Kong court how businesses and assets belonging to my father were wrongfully diverted into shadow corporations, bank accounts and secretive off-shore trusts. We have a very strong case in Hong Kong. As Y.C. Wang's eldest son I will carry this fight to other jurisdictions wherever necessary, until justice is done. My cause is just and my fight continues." The news release refers readers to this video, posted on YouTube and at www.ycwangtruth.com. Formosa Plastics Corp. USA is a major PVC and polyolefin supplier, and the company has other major U.S. affiliates. I wrote back in 2009 that this case promised enough personal intrigue to keep a team of soap opera writers busy for the next year. It looks like I underestimated how long it would take to play out.
Battle continues over Formosa Plastics estate
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