Chinese Billionaire's Daughter Loses Appeal Over Frozen Bank Account

A court in the city upheld two orders that prevent Kelly Zong from using her frozen bank account and require her to share details about its transactions.

The court also denied Kelly's request for more time to appeal and ordered her to pay legal costs.

Kelly Zong, the daughter of a Chinese billionaire, tried to challenge the orders but was unsuccessful, and the orders were first given by a High Court judge.

Kelly Zong is the daughter of Wahaha Group's founder and attended a conference in Beijing in 2014.

The latest court decision means the assets in the bank account will stay frozen while another lawsuit about inheritance continues.

Three of Kelly's siblings claim their father promised them trust assets before he died and that Kelly did not set up the trusts as instructed.

The siblings showed documents in court, including their father's handwritten instructions and a power of attorney, to support their claim.

Kelly's lawyers argued that the siblings did not have a strong claim to the bank account assets and that the previous judge made mistakes.

All of Kelly's arguments were rejected, but she can still try to appeal to a higher court.

Wahaha was founded by Kelly's father, who built it into one of China's largest beverage companies over nearly four decades.

Before her siblings were known, Kelly was thought to be her father's only child and was expected to inherit his business.

Kelly inherited a significant stake in the company and took charge after her father's death, earning her the nickname 'Princess of Wahaha'.

Kelly had control issues and briefly stepped down before returning to her position after a dispute was resolved.

She now runs another company and has a net worth estimated at US$7.8 billion.

COPYRIGHT DISCLAIMERS

4English does not own the rights to this content. All rights belong to the owner. 4English only uses this content to help users learn English via the app's features. Contact to request the removal of your content: contact@4englishapp.com.

リスニング練習

リスニング練習