A $US2 billion ($3 billion) wealth tussle at one of China’s largest beverage empires is unfolding in a Hong Kong courtroom.
The battle pits three plaintiffs who say they are half-siblings of Hangzhou Wahaha Group’s Kelly Zong in a lawsuit against the heiress of the drinks company. They are seeking an injunction preventing her from dealing with assets held in an HSBC bank account.
Kelly Zong is known as the “Princess of Wahaha” in China.Credit: CFOTO/Future Publishing via Getty Images
The three plaintiffs — Jacky, Jessie and Jerry Zong — were identified by their lawyer as Kelly’s “half brothers and sister,” revealing their connection to her for the first time.
Known as the “Princess of Wahaha” in China, Kelly had until now been publicly regarded as the only child of the late Wahaha beverage tycoon, Zong Qinghou.
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The plaintiffs’ lawyer stated that the three are also pursuing legal action in a Hangzhou court to secure rights to trusts — each valued at $US700 million — which they claim were promised to them by their late father.
When Qinghou died at the age of 79 in February last year, Kelly took charge of the privately-held group after spending months settling internal shareholder disputes.
The plaintiffs say Qinghou asked his subordinates to help set up trusts for them at HSBC in Hong Kong and later also requested that the assistants convert yuan into US dollars when the funds proved insufficient.
They are requesting that Kelly honor their father’s will, pay millions in interest on their assets, and compensate them for losses incurred from the transfer of their funds.
