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S9 million in OCBC belongs to old woman died

Alamaking

Alfrescian (Inf)
Asset
Before the verdict is pass, so what now? $$$ go to where? :confused::confused:

This is the old news, will post the latest news later.

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COURTROOM battle between a 93-year-old woman and the OCBC Bank has been marked by her conspicuous absence from the High Court.

Madam Hwang Cheng Tsu Hsu, also known as Nellie, is too ill to take the stand in her lawsuit to seek damages from the bank for freezing her accounts containing $8.9 million.

Her Humble Beginning

Madam Hwang's only child, adopted daughter Amy Hsu Ann Mei, 44, is continuing the suit on her behalf.

Little is known about the origins of Madam Hwang's millions, although Ms Hsu had told the court that her mother has been making money by buying and selling properties for more than 30 years.

But a psychiatric report last week shed light on the background of the elderly woman, who counts senior lawyer Michael Hwang among her relatives.

Madam Hwang, the third of four children, was born in 1916 in Mei county in the Guangdong province in China.

Her father was one of the founders of the Bank of China (BOC), while her mother was a housewife.

The bank was later taken over by the Chinese government but by then, Madam Hwang's father had accumulated some wealth.

Her elder brother was a banker in BOC who later became a board director in the Overseas Chinese Bank, which later became part of OCBC Bank here following a merger. Madam Hwang's elder sister was a doctor who worked in Hong Kong. She also had a younger brother.

All three siblings are already dead.
 

elephanto

Alfrescian (Inf)
Asset
Any updates ....

If doc certify natural death, then the usual kicks in .... next of kin to apply for Letter of Probate/Administration if no will is presented ....

sigh... 93 y.o is anytime up lorry one .... most likely $ all go into public coffers, i think, if adopted daughter cannot prove status of adoption..., or does adoption count at all ?

Anyone familiar with family law?
 

Brightkid

Alfrescian
Loyal
As reported in our highly credible and trusted State's Times, the money will be distributed according to her last WILL.

Guess what ? All her estate will go to her adopted daughter !!!

Why bother fighting so hard and incur legal costs when end of day, the adopted daughter gets the entire estate !!!
 

elephanto

Alfrescian (Inf)
Asset
At that time, the dotter dunno when the old lady will die mah ....
impatient can't wait .... i agree with u it's a waste of $ on lawyers ....

the adopted dotter hubby is a malay man as reported in New Paper, now both happy like fug ! :biggrin:
 

Alamaking

Alfrescian (Inf)
Asset
Elderly woman dies before judgment is made
$9m suit ended in February but court decision still pending
By Vivien Chan
May 13, 2010

Madam Hwang Cheng Tsu Hsu, also known as Nellie, died at age 94 on Tuesday, before a judgment was made on her suit against OCBC Bank.

The former Chinese teacher at Chung Cheng High School made the news in 2008 when she sued OCBC for freezing her accounts containing $8.9 million.

In May 2008, the bank rejected Madam Hwang's request to open a joint account with her adopted and only daughter, Ms Amy Hsu Ann Mei.


Bank officers were convinced that Madam Hwang was not mentally competent to manage her accounts, and decided to put her through an interview.

It was then that Madam Hwang, whose husband died at age 70 from a stroke more than 10 years ago, applied to close the accounts.

The bank refused and froze them.

In August 2008, Madam Hwang sued the bank for breaching its duty to her.

Yesterday at the wake, Ms Hsu declined comment.

Ms Koh Ching Ching, head of group corporate communications at OCBC, said: "OCBC Bank is saddened to learn of the demise of Madam Hwang Cheng Tsu Hsu, on 11 May 2010. Our deepest condolences go to her family and loved ones.

"Since April 2009, the funds in Madam Hwang's account with OCBC have been paid into Court. The case involving her account is presently pending judgment."
 
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