A Hong Kong court has frozen a $1.8 billion HSBC account linked to Wahaha Group chairwoman Zong Fuli amid a high-profile inheritance dispute with her three half-siblings, who claim a breach of a family trust agreement involving the estate of the beverage empire's late founder, Zong Qinghou.
In a ruling handed down Friday, Deputy High Court Judge Gary CC Lam ordered that Zong Fuli be prohibited from withdrawing or transferring funds from the account until a related lawsuit in Hangzhou concludes or further orders are issued by the Hong Kong court. The judge also approved a disclosure order requiring Zong to provide detailed information about the account.
The case centers on claims by three plaintiffs-Zong Jichang, Zong Jieli, and Zong Jisheng-who identified themselves as extramarital children of Zong Qinghou. The trio filed suit in December, demanding control of the $1.8 billion account. The plaintiffs allege that Zong Fuli, publicly believed to be the sole heir of the Wahaha empire, had withdrawn over $6 million from the account and failed to honor a 2023 agreement to create three offshore trusts worth $2.1 billion.
Judge Lam stated there were "serious issues to be tried" concerning the alleged breach of the family arrangement. The ruling clarified that Zong is prohibited from "withdrawing or encumbering" the HSBC assets, amending earlier language that barred "disposing of or dealing with" the account.
The ruling rejected the plaintiffs' request for disclosure regarding a $1.08 million transfer, as Zong claimed it was used for fund subscriptions. The litigation also names Jian Hao Ventures Limited, a British Virgin Islands company for which Zong is sole director, as a co-defendant.
