Ex-Wife wins record divorce settlement

Discussion in 'Economics' started by Grandluxe, Dec 3, 2011.

  1. Ex-wife wins $1.2b battle

    Mary Ann Benitez

    Friday, December 02, 2011

    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.

    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."

    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.

    In the past, courts based their awards on a wife's "financial needs" to continue her way of life. "Because of the ruling it changed the whole landscape. It is not a hard and fast rule but it has implications for people who are very rich," Cheung said.

    In last year's landmark ruling, the top court said that divorcing couples should receive an equal share of assets in most cases.

  2. wilddog


    That is HKD, divide it by 7.75 to get USD.
  3. ....and another HK$10 million for future cosmetic dental work. :eek: :D :cool:
  4. Pekelo


    So in plain English, the wife got less than 20% of the guy's net worth. That is way better compared to some divorces where the wife got half....

    Not to mention this pussy...


    ...was easily worth 155 million US dollars. :p
  5. Yeah, it's rampant.

    My grandfather died in October. Left $50 million to his daughter (my mother) and his wife. My Mom kept me out of the will and I'm sure will do so until she dies. She "needs" the money of course. Her lifestyle certainly will change. $80k/year to millions and all it took was 2 years of freezing my grandfather out in an "retirement center" that looked like a ghost town.
  6. Oh.... Happy Ending for sure!

    I recall Sam Kinison speaking of his divorce. Said he paid $250K to settle a claim after the divorce. Saying that he only had sex with her once; "It was the most expensive piece of ass I've had in my life!"

    Supposedly she claimed that as the basis of his "I've been married" jokes, she was entitled to some sort of royalty.

  7. That is the grim reality of how it is. People are shallow, deceptive, and spiteful creatures. This last divorce settlement says western culture is starting to tak effect in the asiatic region. Female consumerism and lifestyle changes will mean that China economy has about 50 to 70 years before it reaches its pinnacle. They will go through the same cycles as the US did, there is no avoiding it.
    Men in todays world have turned into cash machines the system knows it and expoilts it. Pride is what is preventing man from getting want they want sex with know strings attached. Once women figure out that it will be to late. Man does not need women. People can be grown in a tube by genetic design.
    I just love hearing about some bitch who is on her 5th marriage ... WTF!!! The mass media is creating a drama queen mega *&^#@. The reality show are doing nothing but propigating the societal hysteria. Women in the 50's were not like this. The modern woman is usually over compensating and wrecking the place.

    Welcome to Planet Misery,


    BUY SOME GOLD!!!!!
  8. ammo


  9. mcdull


    Lesson learned: don't marry a lawyer if you a billionaire.