Teddy Wang
Encyclopedia
Teddy Wang (11 January 1933 - missing since 18 April, 1990) was a prominent Chinese businessman and founder of the Chinachem Group
who was kidnapped for ransom in 1990, and later declared legally dead. His wife, Nina Wang
, afterwards launched a lengthy legal battle over her husband's will.
, China
, where he was a childhood playmate of Kung Yu Sam
(aka Nina Wang). He was the son of Wang Din-shin, who had established a paint and chemical business. In 1948, when she was 11 and he 15, they renewed their friendship, and they married in 1955. The Wangs moved to Hong Kong, and the business became the Chinachem Group
, eventually one of Hong Kong
's largest and most powerful companies based on a lucrative pharmaceutical division.
Wang was kidnapped again for a second time on 10 April 1990 as he left the Jockey Club in Hong Kong. His abductors demanded $60 million HKD. His wife Nina Wang paid an installmentof $34 million Hong Kong Dollars, but Wang was not returned. Several of the alleged kidnappers were caught and said that the 57-year-old Wang had been thrown into the sea from the sampan
— a small Chinese boat — where he was held. His body was never found and he was declared legally dead
in 1999. Wang's will was disputed by Nina Wang, the eventual chief beneficiary.
Chinachem Group
Chinachem Group is a company that was established before 1974 in Hong Kong by Teddy Wang. After Wang's kidnapping and disappearance in 1990, his wife Nina Wang took over the company as "Chairlady" and built it into a major property developer, making her the richest woman in Asia. The Chinachem...
who was kidnapped for ransom in 1990, and later declared legally dead. His wife, Nina Wang
Nina Wang
Neena Wang or Kung Yu Sum was Asia's richest woman, with a recent estimated net worth of US$4.2 billion at the time of her death...
, afterwards launched a lengthy legal battle over her husband's will.
Life and career
He was born in ShanghaiShanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, where he was a childhood playmate of Kung Yu Sam
Nina Wang
Neena Wang or Kung Yu Sum was Asia's richest woman, with a recent estimated net worth of US$4.2 billion at the time of her death...
(aka Nina Wang). He was the son of Wang Din-shin, who had established a paint and chemical business. In 1948, when she was 11 and he 15, they renewed their friendship, and they married in 1955. The Wangs moved to Hong Kong, and the business became the Chinachem Group
Chinachem Group
Chinachem Group is a company that was established before 1974 in Hong Kong by Teddy Wang. After Wang's kidnapping and disappearance in 1990, his wife Nina Wang took over the company as "Chairlady" and built it into a major property developer, making her the richest woman in Asia. The Chinachem...
, eventually one of Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
's largest and most powerful companies based on a lucrative pharmaceutical division.
Kidnapping and death in absentia
Wang was abducted on 12 April 1983, when his Mercedes was hijacked. He was taken away and chained to a bed for eight days until Nina Wang paid a $33 million Hong Kong Dollars ransom.Wang was kidnapped again for a second time on 10 April 1990 as he left the Jockey Club in Hong Kong. His abductors demanded $60 million HKD. His wife Nina Wang paid an installmentof $34 million Hong Kong Dollars, but Wang was not returned. Several of the alleged kidnappers were caught and said that the 57-year-old Wang had been thrown into the sea from the sampan
Sampan
A sampan is a relatively flat bottomed Chinese wooden boat from long. Some sampans include a small shelter on board, and may be used as a permanent habitation on inland waters. Sampans are generally used for transportation in coastal areas or rivers, and are often used as traditional fishing boats...
— a small Chinese boat — where he was held. His body was never found and he was declared legally dead
Death in absentia
Death in absentia is a legal declaration that a person is deceased in the absence of remains attributable to that person...
in 1999. Wang's will was disputed by Nina Wang, the eventual chief beneficiary.