The judgment document of the Wahaha Zong family's "100 billion" property dispute has been exposed: Zong Qinghou indeed established a trust plan, with the beneficiaries being the three siblings, and Zong Fuli is temporarily not allowed to use the funds.
On August 1, the "Zong Family Three Siblings" and the current chairperson of Wahaha, Zong Fuli, daughter of Zong Qinghou, welcomed the verdict in their lawsuit in Hong Kong.
The reporter from "Daily Economic News" was the first to obtain the judgment. The judgment shows that Zong Qinghou and Zong Fuli signed a trust agreement. According to the agreement, Zong Qinghou entrusted Zong Fuli to establish three overseas trusts ("Trust A", "Trust B", "Trust C", collectively referred to as the Zong Family Overseas Trust). Trust A has Zong Jichang and his children as the beneficiaries; Trust B has Zong Jieli and her children as the beneficiaries; Trust C has Zong Jisheng and his children as the beneficiaries. The beneficiaries of the Zong Family Trust only include Zong Jichang, Zong Jieli, Zong Jisheng, and their children, and the trust benefits are their premarital personal assets, excluding the spouses of these individuals. The total amount of the trust is 2.1 billion dollars.
The above trust is a non-principal trust, meaning that the trust assets continue to be invested in fixed income investments at HSBC Hongkong, with distributions made only from interest income. No person may claim to utilize the principal of the trust property for distributions to beneficiaries.
The trust is expected to transition to the professional trustee phase in a PTC (Private Trust Company) model. During the PTC transition phase, Zong Fuli serves as a shareholder of the trustee. After the transition period of the trust ends (i.e., entering the professional trustee phase), Zong Fuli will no longer participate in any management of the trust, which will be managed entirely by the "Zong siblings." Once the initial trust property is fully delivered, Zong Fuli will be relieved of her responsibilities.
The judgment shows that the "Zong siblings" requested the court to issue an injunction prohibiting Zong Fu Li from handling the assets stored in the HSBC bank account, and also requested her to disclose the latest balance of the aforementioned account, as well as to provide a complete record of the "changes in assets, income, and expenditures" retroactive to February 2 of last year.
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