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The Chinachem group of companies ("the Group") is a major part of the Estate of the late Nina Kung (the "Estate"). On 15 May 2015 the Court of Final Appeal ruled that the Estate shall be held in a charitable trust by the Chinachem Charitable Foundation (the “Foundation”, which will in due course be Trustee pursuant to Nina Kung's will). The Foundation shall work with representatives of the Secretary for Justice (as the Protector of Charities) to develop a scheme for approval by the High Court that provides for, among other things, the establishment of a body which will in due course supervise the Foundation in carrying out its role as Trustee of the Estate. In the meantime, the Court has appointed Administrators (from PricewaterhouseCoopers) to protect and preserve the Estate.
The Group is overseen by an Executive Committee ("Exco"). The Exco comprises members of the Group's senior management, and representatives from the Administrators.
The following chart shows the current corporate governance structure. Work is in progress to improve the structure of the Group to better protect the interests of the Estate and further enhance efficiency and effectiveness.
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