Taipei District Court Begins Trial of Y.C. Wang’s Estate Case

Taipei District Court Begins Trial of Y.C. Wang’s Estate Case

   Source: China Times      Oct. 22, 2009

After Wang Yung-ching, founder of Formosa Plastics Corporation and the second richest man in Taiwan, died last year, his children have taken legal actions to vie for the vast estate left by their father.

On May 13, Winston Wang, the eldest son of Wang Yung-ching, filed a lawsuit in a state court in Newark, New Jersey, requesting that the court appoint him as the legitimate executor of his father’s overseas estate. The lawsuit has drawn public attention and put the family’s strife in the spotlight as it is the largest estate case in Taiwan.

On the other hand, to counter Winston Wang’s move, Lee Bao-chu, Wang Yung-ching’s second common-law wife, also filed a lawsuit with the Taipei District Court, claiming that she was the lawful wife of Wang Yung-ching and, therefore, had the right to inherit Wang Yung-ching’s estate in Taiwan. It is said that the estate left by Wang Yung-ching is worth approximately NT$ 300 billion, including NT$ 250 billion in overseas assets that has been put in a trust and NT$ 59.5 billion in assets in Taiwan.

Yesterday, the Taipei District Court began hearings in Lee Bao-chu’s case. However, it is reported that Lee Bao-chu was willing to reach an out-of-court settlement with Winston Wang after mediations by some elders in the family. Attorneys from both sides said that they still needed more time to discuss various details.  

Winston Wang and Lee Bao-chu did not appear before the court yesterday. However, during the court hearing, attorneys from both sides said that they were willing to settle. The court ordered that Lee Bao-chu submit relevant evidence in one month so as to give both sides more time to reach settlement.  

According to Winston Wang’s attorney, Winston Wang insisted that Wang Yueh-lan, Wang Yung-ching’s first wife, was the only lawful wife of Wang Yung-ching, and hoped that the handling of the estate left by Wang Yung-ching be done in an open fashion.

“My father Wang Yung-ching was a lifelong believer in monogamy. Anyone who violates the law of monogamy commits bigamy. I hope that judicial organs and government agencies, holding identical convictions, will cooperate in handing down a decision worthy of setting an example for our next generation based on the principle of monogamy,” said Winston Wang in a statement issued before the Taipei District Court when it began the trial of Lee Bao-chu’s case.  

Meanwhile, Lee Bao-chu’s attorney argued that it was a fact that Wang Yung-ching had three spouses. “Lee Bao-chu had faithfully discharged her duties as a spouse by accompanying Wang Yung-ching for 50 years. Everyone has seen her contribution to the family. There is no doubt that she has the legitimate right of inheritance,” stressed Lee’s attorney.

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