Kelly Zong Fuli
AsianFin -- A Hong Kong court has ordered a freeze on an HSBC account containing US$1.8 billion, marking a major development in an inheritance dispute that pitted Kelly Zong Fuli, the CEO of Hangzhou Wahaha Group, against her three half-siblings.
The freeze will remain in place until the conclusion of a parallel lawsuit in Hangzhou or further direction from the court, according to a ruling issued Friday by Deputy High Court Judge Gary Lam.
The legal battle centers on a family agreement that allegedly promised to allocate US$2.1 billion in offshore trusts to the three plaintiffs — the extramarital children of Wahaha’s late founder, Zong Qinghou. The trio filed the Hong Kong suit in December, accusing Kelly Zong of breaching the agreement and withdrawing over US$6 million from the HSBC account, which they claim was meant to fund the trusts.
The court noted there are “serious issues to be tried” regarding the alleged breach. Kelly Zong, long believed to be Zong Qinghou’s only child, assumed control of the beverage empire after his death in February 2024.
Hangzhou Wahaha Group, often referred to as “China’s Coca-Cola,” said on July 14 that the lawsuits in Hong Kong and Hangzhou were private family matters and not related to the company’s business.
The frozen HSBC account is expected to be the primary source of funds for the disputed trusts.
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