The Department of Justice today announced that the Secretary for Justice (SJ) has appointed Rita Fan, Joseph Yam and Cheng Yan-kee as members of a supervisory managing organisation (SMO) established to supervise the trustee for the charitable trust of the estate of the late Nina Wang.

The Court of First Instance has appointed Nina Wang Charity Management Ltd as the trustee. The department emphasised that, under Hong Kong law, the SJ has a role in protecting charitable interests.

Mrs Wang, in her will, expressed her wish that a charitable fund be set up. As protector of charities, the SJ has participated in the relevant legal proceedings regarding Mrs Wang’s estate.

The court approved the scheme of administration for the estate submitted by the SJ in May of last year. A key component of this was the setting up of Nina Wang Charity Management Ltd. 

An SMO, formed of three independent individuals, was also required to be set up to supervise the operation of the trustee. In accordance with the scheme, these individuals, appointed by the SJ, must possess unquestionable integrity, experience and judgement.

The trustee’s main responsibilities include but are not limited to supervising the business operations of the Chinachem Group, and approving the group’s financial budget and major decisions. It will devise a budget for charity projects, fundraising, and – in accordance with Mrs Wang’s will – preparations for setting up a “fund and a Chinese prize of worldwide significance similar to that of the Nobel Prize”.

The scheme mandated that there will also be a board of governors for the trustee, with its members being appointed pursuant to the scheme and the company’s articles of association. At least two of the governors must be government officials.

Following the court’s approval of the scheme, the SJ made an application to it to appoint the company as the trustee of the charitable trust, and approval was granted by the court on November 21.

Rita Fan, Joseph Yam and Cheng Yan-kee have been appointed as the SMO’s three members, and will be responsible for supervising the trustee’s operations.

The department said it firmly believes that once the trustee’s board of governors is established, the trustee will do its utmost in faithfully administering the charitable trust, under the supervision of the SMO.

This will include implementing charity projects and the abovementioned prize, in order to fulfill Mrs Wang’s wishes and bring benefits to the country, including different sectors of Hong Kong, the department added.