Asia’s wealthiest woman, Nina Wang, best known for a sensational legal battle over her missing husband’s estate, died last night in Hong Kong. She was 70.

Nina Wang’s spokesman said that she died of “illness”. Earlier, Hong Kong media reported that she suffered from ovarian cancer which had spread to her liver.

The pig-tailed tycoon was thrust into the public gaze in 2002 when she was accused of forging the will of Teddy Wang, her late husband, in order to to seize his fortune. The people of Hong Kong were entranced by the lurid accusations surrounding a woman nicknamed “Little Sweetie” for her girlish taste in fashion.

The saga began when Teddy Wang, the multi-millionaire head of the Chinachem pharmaceuticals and property empire, was kidnapped in 1990. With no sightings, he was declared dead nine years later. By then, Nina Wang had built the family firm into a multibillion dollar concern with extensive international interests.

Three wills "signed" by Teddy Wang were produced in probate court. One, dated weeks before the abduction, left the estate to Nina Wang. Another, dated 1968, left everything to the testator’s father – and Chinachem founder – Wang Din-shin, overturning a first will, of 1960, which split the fortune between the two.

Wang Din-shin alleged that the handwritten 1990 will was a forgery and said his son’s decision to disinherit his wife in 1968 was a response to adultery. Observers were tantalised by alleged photographs of Nina Wang with a lover. Her then 91-year-old father-in-law won the case, with the judge, David Yam, ruling that he had “no doubt” that Teddy Wang’s signature was forged.

Nina Wang lost an initial appeal, but was cleared by the Court of Final Appeals in September 2005. That December, criminal charges of fraud, filed after the first – civil – case, were dropped.

The eight-year battle was made especially compelling by the over-the-top personas of both parties. Nina Wang, who kept a pet monkey and manufactured Anime-style dolls of herself, sported dyed hair, bobbysocks and red vinyl mini-skirts. Meanwhile, her father-in-law took the stand in a wooly hat and confessed to keeping a concubine – and to occasional opium use.

Nina Kung was born in Shanghai in 1936. She moved to the then British colony of Hong Kong in 1955 to marry her childhood sweetheart, Teddy Wang. The couple worked hard to expand Chinachem and began to dabble in property in the 1960s. The fairytale romance is said to have soured with the alleged affair which culminated in Teddy Wang disinheriting his wife, although the authenticity of the 1968 will has been questioned.

Whatever the truth of Wang Din-shin's claims, the couple continued to work together closely, both becoming well-known for their frugal habits – they were said to live on a minimal income, indulging in the occasional cut-price theatre ticket. Nina Wang's favourite cuisine was reportedly American fast food.

Today, Martin Lee, the barrister who represented her in court, said: “She was a legendary woman. Of course, she was very prudent when it came to spending money. She and her husband had the same character.

“She and [Teddy Wang] were a very loving couple. They didn’t only travel together, they worked together and spent every day together."

Forbes magazine estimates her personal fortune at $4.2 billion, 154th in their ranking of the world’s richest people.

Nina and Teddy Wang had no children. She is reportedly survived by siblings, nephews and nieces.

Times Recommends

• Mandela’s tribe threatens President Zuma
• The French empire strikes back
• Wife of cheating governor exacts a political revenge