Court freezes Hong Kong beverage heiress' bank account over inheritance dispute with extramarital half-siblings
Qinghou is the founder of 'China's Coca-Cola' — the Chinese beverage giant Hangzhou Wahaha Group.
The current CEO Kelly Zong Fuli was thought to be Zong's only child but is now being sued by her extramarital half-siblings Jacky, Jessie, and Jerry Zong.
According to the plaintiffs they had reached an agreement to establish individual offshore trusts for each sibling, with the source being the currently frozen account, which holds US$1.8 billion (RM7.7 billion).
They allege that Kelly violated the agreement by failing to create the trusts after their father's death in February 2024 and had also withdrawn over US$6 million from the account.
According to the High Court there were "serious issues to be tried" and the plaintiffs had presented Kelly's letter saying that she would commit to the trusts as well as two handwritten wills.
Hangzhou Wahaha Group has distanced itself from the legal disputes, stating that the lawsuits (in Hangzhou and Hong Kong) do not involve the company's operations.
While the Zong family has a 29.4 per cent stake in the company, the largest ownership portion belongs to the Hangzhou government investment arm (46 per cent) and employees via a stockholding party own 24.6 per cent.
Zong Qinghou was formerly lauded for his image as an upholder of traditional family values but his legacy has now come under scrutiny due to the lawsuit and public knowledge of his fathering children outside his marriage.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
3 hours ago
- Malay Mail
Biofuel battle: Why India is shielding its farmers in the face of US trade pressure
MUMBAI, Aug 3 — US President Donald Trump on Thursday slapped a 25 per cent tariff on Indian goods after prolonged talks that got bogged down over access to India's labour-intensive agricultural sector, which New Delhi has pledged to protect. Why is India opposing the products the US is lobbying for? The United States is pressing India to open its markets to a wide range of American products, including dairy, poultry, corn, soybeans, rice, wheat, ethanol, fruits and nuts. While India is willing to provide greater access for US dry fruits and apples, it is holding back on corn, soybeans, wheat, and dairy products. A key reason for this resistance is that most US corn and soybeans are genetically modified (GM), and India does not permit the import of GM food crops. GM crops are widely perceived in India as harmful to human health and the environment, and several groups affiliated with Prime Minister Narendra Modi's ruling Bharatiya Janata Party (BJP) are opposing their introduction. The commercial cultivation of a high-yielding GM mustard variety that India developed itself is currently not allowed due to an ongoing legal battle. Like GM crops, dairy is also a highly sensitive issue, as it provides a livelihood for millions of farmers, including many who are landless or smallholders. The dairy industry helps sustain farmers even during erratic monsoon seasons, which can cause significant fluctuations in crop production. In India, where a large proportion of the population is vegetarian, food choices are strongly influenced by cultural and dietary preferences. Indian consumers are particularly concerned that cattle in the US are often fed animal by-products — a practice that conflicts with Indian food habits. A farmer sprinkles fertiliser in a paddy field on the outskirts of Amritsar on July 5, 2025. — AFP pic Why are agricultural imports politically charged? India is self-sufficient in most farm goods, with the exception of vegetable oils. After liberalising cooking oil imports over three decades ago, the country now has to import nearly two-thirds of its supply to meet demand. India does not want to repeat this mistake with other basic foods, which account for nearly half of its consumer price index. Though agriculture makes up just 16 per cent of India's nearly US$3.9 trillion economy, it is the lifeblood for nearly half the country's 1.4 billion people. Four years ago, this powerful voting bloc forced Modi's government into a rare retreat on a set of controversial farm laws. Some in power fear a flood of cheaper US imports would bring down local prices and hand opposition parties an opportunity to sharpen its attack on the government. New Delhi is also worried that a trade deal with the US could also force it to open its agricultural sector to other countries. Farmers work in an onion farm near power-generating windmill turbines of Adani Green Energy at Ahmedabad-Narayan Sarovar state highway near Nakhatrana village in the western state of Gujarat November 29, 2024. — Reuters pic How does farming in India and the US differ? The vast disparity in the scale of farming makes it difficult for Indian farmers to compete with their US counterparts. The average Indian farm is 1.08 hectares, compared to 187 hectares in the US For dairy farmers, the difference is even more dramatic — a small herd of two or three animals versus hundreds or more in the US Many Indian farmers also rely on traditional, unmechanised techniques, while American agriculture has developed into a highly efficient, tech-driven industry. Why is India hesitant to use US ethanol in its biofuel programme? One of India's key goals with its Ethanol Blended Petrol (EBP) programme is to reduce energy imports and support domestic farmers by using sugarcane and corn for biofuel production. Indian companies have invested heavily in new distilleries, and farmers have expanded corn cultivation to meet the rising demand. India recently achieved its ambitious target of a 20 per cent ethanol blend in petrol. With state assembly elections approaching in Bihar — a major corn-producing state in the east — allowing US ethanol imports would lower local corn prices. This would probably anger farmers and turn them against the BJP ahead of the election and also undermine the growing distillery sector. — Reuters
The Star
4 hours ago
- The Star
Nvidia denies back-door features in its H20 chips after Beijing raises security concerns
Nvidia said its chips had no 'back doors' after China's cyberspace regulator interviewed company representatives over alleged security risks associated with its H20 chips, which were tailor-made for Chinese customers, although it remains unclear what impact Beijing's mistrust of the US firm will have over time. 'Cybersecurity is critically important to us,' an Nvidia representative said in an email to the South China Morning Post on Thursday night. 'Nvidia does not have 'back doors' in our chips that would give anyone a remote way to access or control them.' The statement was in response to a regulatory move by the Cyberspace Administration of China (CAC), the agency responsible for the country's cybersecurity. The Chinese regulator said on Thursday that it had summoned and interviewed Nvidia regarding the potential tracking and remote control functions of its H20 chips, a surprise move as Nvidia had just received the green light from Washington to export the chips to clients in China. Nvidia's shares were down 0.8 per cent on Thursday in New York. The latest development highlights the challenges faced by Nvidia, the world's most valuable company in terms of market capitalisation, in trying to please both Washington and Beijing amid intensifying US-China rivalry in artificial intelligence and hi-tech. While China needs Nvidia chips to build out its computing infrastructure, Beijing remains committed to the long-term goal of tech self-sufficiency by reducing its reliance on imported American equipment and technologies. In the latest example of that, a group of Chinese semiconductor and AI companies – including Huawei Technologies, Cambricon Technologies and Moore Threads – formed an alliance to push for the adoption of locally developed processors for AI projects. China's cyberspace administration did not specify the source or evidence for its concerns about back-door security threats associated with Nvidia chips. In May, a bipartisan group of US lawmakers introduced a bill that would require makers of AI processors to incorporate tracking technology in their chips before export. The proposal aimed to address reports of US export-controlled AI chips being smuggled into China via third countries. But Nvidia has never said that its H20 chips have such tracking functions. The summoning of Nvidia was the latest example of the long-lasting mistrust between Beijing and Washington over the other's tech hardware. The US has banned the use of Huawei gear in the American telecommunications network, while new guidelines from the administration of US President Donald Trump implied that the use of Huawei's Ascend AI chips 'anywhere in the world' could be a violation of US export controls. For its part, China accelerated the process of replacing imported technologies in its key infrastructure facilities about a decade ago, after former US National Security Agency contract employee Edward Snowden exposed the global spying practices of the US. In May 2023, the CAC said products from another US chip giant, Micron Technology, failed a national security review, resulting in a sales ban of its products to key infrastructure operators in China. - SOUTH CHINA MORNING POST
Malay Mail
5 hours ago
- Malay Mail
Drug price transparency kicks in at private clinics and pharmacies, full enforcement by January 2026
KUALA LUMPUR, Aug 3 — The Ministry of Health (MOH) and the Ministry of Domestic Trade and Cost of Living (KPDN) are implementing the drug price display initiative at private health facilities and community pharmacies in stages starting August 1. According to a joint statement by both ministries, the initiative, which was implemented under the Price Control and Anti-Profiteering (Price Marking of Medicines) Order 2025 [P.U.(A) 141/2025] under the Price Control and Anti-Profiteering Act 2011, began on May 1. The statement said the educational enforcement approach was implemented in the first three months ending July 31. 'During the period, 842 facilities consisting of medical clinics, dental clinics and private hospitals as well as community pharmacies were inspected and the majority of them have implemented this initiative with 57 per cent of them complying with the requirements for satisfactory drug price display,' according to the statement. In this regard, enforcement will continue in stages from August 1 through educational approach inspections and advocacy for two months until September 30 and a reminder letter may be issued in the event of non-compliance. According to the statement, starting October 1, compounds would be issued for repeat offences before full enforcement on January 1, 2026. MOH and KPDN also took note of the judicial review action filed in the High Court by seven organisations representing medical and dental practitioners and one private medical practitioner regarding the validity of Order PU (A) 141/2025. 'However, until this statement is issued, there is no court order directing the suspension of the implementation or enforcement of this order. Therefore, Order P.U.(A) 141/2025 remains valid and in force,' according to the statement. MOH and KPDN also expressed their commitment to implement the initiative in an inclusive, phased and prudent manner to ensure that its benefits are enjoyed by consumers and contribute to increasing transparency, accountability and trust in the country's health system. — Bernama
