Divide HKD by 7.75 to get USD: 1.2 Billion HKD = 154 Million USD
Hong Kong Man Ordered To Pay Wife $154 MILLION In Divorce Settlement
A billionaire property tycoon has been ordered to cough up HK$1.2 billion to his ex-wife - further sealing Hong Kong's reputation as Asia's divorce capital.
It is believed to be the highest award given in open court in Hong Kong.
High Court Justice John Saunders ruled yesterday that Samathur Li Kin- kan, the son of billionaire Samuel Tak Lee, pay Florence Tsang Chiu-wing HK$1.22 billion - which represents 20 percent of the couple's assets when applying the "sharing principle."
Li and Tsang, a 38-year-old solicitor, who were married in 2000 and separated in 2008, lived "a lifestyle which was best described as just below that of a US- dollar billionaire," said the judge in his ruling.
Tsang's lawyer had suggested she should have 55 percent of the matrimonial assets and that a one-off payment of US$26 million (HK$202.8 million) offered by Li and his father was inadequate.
The court ordered the US$26 million be paid immediately, with the balance of HK$1.02 billion to bear interest if not paid within 90 days.
Saunders said: "The contributions of the husband and wife to the marriage partnership were equal."
The father had the right to recover gifts - including US$50 million he made to his son - as a factor in applying the sharing principle, the judge said.
The wife's "needs" include a HK$250 million Hong Kong property, a 2.5 million (HK$30.53 million) London property, HK$2.5 million to buy two cars, HK$5 million to buy a yacht and HK$4.6 million to join clubs in Hong Kong and England. She was given HK$215 million as a "Duxbury award" - a fixed sum for life.
As of March this year, Li was worth HK$6.42 billion, while his wife was worth HK$79 million. A separate fund of HK$26 million will be set up for their daughter, now three years old. The court ordered that Li and his father pay Tsang's court costs.
"To confine a non-working wife's award to the sum needed to meet her 'reasonable requirements' and to permit the husband to keep the remaining assets is patently unfair and discriminatory," the judges ruled.
http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=117633&sid=34650467&con_type=1
Hong Kong Man Ordered To Pay Wife $154 MILLION In Divorce Settlement
A billionaire property tycoon has been ordered to cough up HK$1.2 billion to his ex-wife - further sealing Hong Kong's reputation as Asia's divorce capital.
It is believed to be the highest award given in open court in Hong Kong.
High Court Justice John Saunders ruled yesterday that Samathur Li Kin- kan, the son of billionaire Samuel Tak Lee, pay Florence Tsang Chiu-wing HK$1.22 billion - which represents 20 percent of the couple's assets when applying the "sharing principle."
Li and Tsang, a 38-year-old solicitor, who were married in 2000 and separated in 2008, lived "a lifestyle which was best described as just below that of a US- dollar billionaire," said the judge in his ruling.
Tsang's lawyer had suggested she should have 55 percent of the matrimonial assets and that a one-off payment of US$26 million (HK$202.8 million) offered by Li and his father was inadequate.
The court ordered the US$26 million be paid immediately, with the balance of HK$1.02 billion to bear interest if not paid within 90 days.
Saunders said: "The contributions of the husband and wife to the marriage partnership were equal."
The father had the right to recover gifts - including US$50 million he made to his son - as a factor in applying the sharing principle, the judge said.
The wife's "needs" include a HK$250 million Hong Kong property, a 2.5 million (HK$30.53 million) London property, HK$2.5 million to buy two cars, HK$5 million to buy a yacht and HK$4.6 million to join clubs in Hong Kong and England. She was given HK$215 million as a "Duxbury award" - a fixed sum for life.
As of March this year, Li was worth HK$6.42 billion, while his wife was worth HK$79 million. A separate fund of HK$26 million will be set up for their daughter, now three years old. The court ordered that Li and his father pay Tsang's court costs.
"To confine a non-working wife's award to the sum needed to meet her 'reasonable requirements' and to permit the husband to keep the remaining assets is patently unfair and discriminatory," the judges ruled.
http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=117633&sid=34650467&con_type=1
