RCG Holdings Ltd., part owned by the feng shui practitioner who tried to claim the fortune of late billionaire Nina Wang, fell in Hong Kong trading for a fourth straight day after a court ruled a will presented by Tony Chan wasn’t signed by Wang.
RCG declined 8.4 percent to HK$9.07, the largest drop since March 2 of last year. Hong Kong High Court Judge Johnson Lam on Feb. 2 ruled Wang’s estate belongs to the charitable foundation created by Wang, who owned the Chinachem property group, after a legal battle between the charity and Chan, who holds 23.2 percent of RCG.
Chan was released on HK$5 million bail after he was arrested on Feb. 3 on suspicion of forgery, RTHK reported. The Hong Kong media have put the value of Wang’s estate at between $6.4 billion and almost $13 billion.
A 50-year-old man surnamed Chan, arrested on suspicion of forgery, was released on HK$5 million bail this morning, Michael Kwan, a spokesman for the Hong Kong police, said today. Department of Justice spokeswoman Sherlin Fu said she couldn’t comment on individual cases.
Veron International Ltd., owner of about 24 percent of RCG, is part of Wang’s estate, according to a company statement yesterday. Ownership and control of Veron remains unclear until Chan concludes his appeals against the ruling, the Hong Kong- based company said.
RCG, a maker of fingerprint verification and facial- recognition security products that also trades on London’s Alternative Investment Market, said yesterday that it expects the probate ruling to have no effect on its operating, financial and trading position.
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