Zhou Family Wealth Dispute: Zong Fei Li Loses! Zong Qing Hua Has Established a Trust Plan, Benefiting Three Sisters; Zong Fei Li Is Prohibited from Using Hong Kong Hang Seng Bank Assets
August 1st afternoon news, today, the High Court of Hong Kong has issued a judgment on the Zhou family's billion-dollar inheritance dispute, and Zong Fei Li is temporarily prohibited from using assets in her Hong Kong Hang Seng Bank account.
The judgment notes that on March 14th, 2024, Zong Jie Chang, Zong Je Li, Zong Ji Sheng, and Zong Fei Li signed an agreement. The three sisters, along with Zong Qing Hua's mother, acknowledged that they had the authority to manage Zong Qing Hua's inheritance rights and other assets, recognizing the legitimacy of the inheritance process, and pledged not to challenge its effectiveness.
Zong Fei Li agreed in the agreement to set up a trust fund using Jian Hao Ventures Limited's assets in Hong Kong Hang Seng Bank, with an initial scale of HK$7 billion per person (totaling HK$21 billion), which is irrevocable and only distributes interest income. No one can claim the principal amount.
This agreement comes from Zong Qing Hua's handwritten instructions, including "Prepare to set up three trust funds in Hong Kong Hang Seng Bank, with HK$7 billion per person... First handle Chang/Jie Li's, and then let Sheng return after the funds are raised.".
According to evidence submitted by Zong Jie Chang et al., the trust fund is expected to transition into a professional trust stage through a PTC (private trust company) mode, with Zong Fei Li serving as a shareholder during the transition period. After the transition period ends, professionals designated by Zong Jie Chang, Zong Je Li, and Zong Ji Sheng will take over.
In addition, the agreement stipulates that Zong Fei Li must complete the trust fund setup work for Jian Hao Ventures Limited's assets according to the agreement, without obstructing the establishment of the trust fund or asset transfer. Zong Jie Chang, Zong Je Li, and Zong Ji Sheng shall cooperate with the agreement in accordance with the inheritance process.
It is worth noting that Zong Fei Li emphasized that Zong Jie Chang et al. have always had an incorrect cognition - they believe that the funds themselves should also become part of the trust assets. However, Zong Fei Li stated that the agreement has already been made to only distribute interest income, and no one can claim the principal amount.
Zong Jie Chang pointed out that Zong Fei Li exists with "serious hostility" and has long been engaged in a systemic struggle against the original party for control of family assets. Zong Fei Li stated that her discussions with the original party were sincere.
Zong Jie Chang further emphasized that Zong Fei Li's written instructions are invalid, and each person's HK$7 billion should be reduced to a realistic amount. Therefore, the claim by the original party to inject HK$7 billion into each trust fund is unrealistic and cannot be implemented.
According to documents in the judgment, Zong Qing Hua wrote two wills on February 2nd, 2024 (referred to as "will"), one involving specific foreign assets but not covering Jian Hao Ventures Limited's assets or its funds, and the other involving his mainland Chinese assets. Both wills did not mention any of the original parties - Zong Jie Chang, Zong Je Li, Zong Ji Sheng, or Du Jien - and designated Zong Fei Li, Shi Yu Ren, and Zong Qing Hua's mother as beneficiaries.
The judge found that this agreement had an exchange condition, namely that the original party should recognize the will and not obstruct its management, while the defendant should set up a trust fund. Furthermore, from written instructions, delegation, and agreements (collectively referred to as "documents"), it can be reasonably inferred that the Hong Kong Hang Seng Bank account assets belong to the original party - Zong Jie Chang, Zong Je Li, Zong Ji Sheng - while other assets belong to Zong Fei Li. (Sina Finance, Liu Lili)
Source: Sina Net