Dead Ferrari driver’s estate valued at S$8.1 million

Dead Ferrari driver’s estate valued at S$8.1 million

Melissa Aw, Yahoo! Newsroom 8 Aug 2012

Ma Chi, the Ferrari driver who died in a three-vehicle pile-up in May, has left behind an estate worth S$8.1 million, reported Lianhe Zaobao on Tuesday.

His wife He Ting Ting & two young daughters will inherit his estate while his widow & his mother Ma Xiao Ling will be administrators of the estate.

The fatal accident at the junction off Raffles Hospital in Bugis claimed three lives, including that of Ma, who was pronounced dead on arrival. The Sichuan native was driving a red Ferrari when it slammed against a taxi, which subsequently cut into the lane of a passing motorcycle.

Besides Ma, the high-speed crash also claimed the lives of 52-year-old taxi driver Cheng Teck Hock and his 41-year-old passenger Shigemi Ito. Another two people, 26-year-old motorcyclist Muhammad Najib Ghazali and 21-year-old Wu Wei Wei – who was the passenger in the Ferrari – were also injured.

As Ma reportedly did not leave a will, it is expected that the deceased’s spouse will inherit half of the estate while the remainder of the estate will be split equally among his children under Singapore law.

Insurance policies’ worth

Ma’s estate will include life insurance cover worth $2.8 million. Court documents stated that Ma had two insurance policies worth US$1 million (S1.25 million) and S$1.54 million. The rest of his assets were earnings from his job, said Lianhe Zaobao.

The Chinese daily also reported that He has made an application with the High Court to request that the family be exempted from the rule that administrators must nominate two guarantors when minors are beneficiaries of an inheritance.

Ma’s widow said that no one was willing to be guarantors for them as it was a personal family affair. She then promised that she and her mother-in-law would try their best to manage Ma’s estate, said Lianhe Zaobao.

Court documents also said that He is preparing to fight a court case with an insurer, however it is unclear which insurance company it is.

[Source: “Dead Ferrari driver’s estate valued at S$8.1 million”, Yahoo! Newsroom, 8 Aug 2012. ]

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