NJ judge seeks more info on whether he should decide fate of Taiwanese billionaire’s fortune

NJ judge seeks more info on billionaire’s fortune

NEWARK, N.J. — A New Jersey tax court judge being asked to help split the fortune of one of the world’s richest men has asked for more information to help him decide whether the case even belongs in his courtroom.

At issue is how to divide plastic magnate Wang Yung-ching’s fortune, estimated at nearly $7 billion, among at least nine children he fathered with women other than his wife — and whether U.S. or Taiwanese courts will have ultimate jurisdiction over it.

Wang rose from an impoverished tea farmer’s son in Taiwan to build the Formosa Plastics Group into a multinational conglomerate with U.S. headquarters in Livingston, just northwest of Newark. He was among Forbes’ 200 richest people in the world when he died last year in New Jersey. He left no will, but a complex family tree of potential heirs who are now arguing over his money.

New Jersey Superior Court Judge Walter Koprowski ruled this week that Wang’s various companies, including Formosa Plastics, must make certain financial records available to determine the scope of Wang’s holdings in the state.

Attorneys for Formosa had argued the information requests were too broad and should be denied. The judge disagreed with the company, but ordered the subpoenas be narrowed in scope to determine how much of Wang’s assets were directly tied to New Jersey around the time of his death.

Several of Wang’s nine children, most of whom live in the U.S., want control of the fortune.

His oldest son, 58-year-old Winston Wong — who uses a different English spelling of the same last name, a common practice — has been pushing for the case to remain in New Jersey, saying his father considered the state his home.

“I am pleased that Judge Koprowski recognizes the need for more information on the extent of my father’s personal and business holdings in New Jersey,” Wong said in a statement. “This is an important first step.”

Khaled John Klele, an attorney for Formosa and the other companies that have been subpoenaed, declined to comment.

None of Wang’s children are from his wife of more than 70 years, Wang Yueh Lan, who lives in Taiwan. She is considered his legal widow and stands to inherit half her husband’s fortune.

Wong says she has granted him power of attorney. Although he is not her son, he has petitioned to become her legal guardian and to represent her interests in the New Jersey courts.

Koprowski declined to rule on that petition, saying the court must first determine if the case even will be decided in New Jersey.

Wang, who started his business with a small loan from a U.S. aid agency in 1954, was given a state funeral in Taiwan after he died last year.

Court papers say his company is the world’s largest producer of PVC, used to make everything from paint to plastic bags.

The judge has scheduled a meeting with lawyers for Sept. 11 in Newark.