Sukhninder Panesar examines a case that explores liability for knowing receipt and the need for a continuing proprietary interest The claimant must show that they have a continuing proprietary interest in property which is in the hands of the alleged knowing recipient. Where such a finding is not made, the requisite unconscionability does not exist, …
Continue reading "Trusts: The Court of Appeal reviews the elements required to establish knowing receipt, including unconscionability"
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A recent Privy Council case indicates how the court will determine remedies and damages for breach of fiduciary duty. Joseph de Lacey explains ‘The case shows the flexibility of the concept of constructive trusts, and how they can be and are used to protect those to whom fiduciary duties are owed.’ On 27 March 2017 …
Continue reading "Fiduciary Duties: Staying virtuous"
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Wills & Trusts Law Reports | Summer 2017 #168Mr Al-Sanea was the legal owner of shares in five Saudi Arabian banks, including Samba Financial Group (appellant). As a result of six transactions between 2002 and 2008 Mr Al-Sanea agreed to hold the relevant shares in trust for Saad Investments Co Ltd (SICL), a company subject to the laws of the Cayman Islands. Compulsory winding up proceedings of SICL commenced on 30 June 2009 and, six weeks later, Mr Al-Sanea in breach of trust transferred the legal title to the relevant shares to the appellant, purporting thereby to discharge personal liabilities which he had towards it. On 19 Augus...
Wills & Trusts Law Reports | Summer 2017 #168Mr H was a ‘belonger’ (a citizen of the Turks and Caicos Islands) and appointed as a government minister in 2003, remaining in government until 2008. There was a policy entitling a belonger to apply for a conditional purchase lease over Crown Land subject to certain conditions which, if met, entitled the belonger to purchase the freehold title at a discounted rate, in this case of 50% of the open market value.
In 2004, Mr H applied for a lease and in setting the sale price the government relied on a 1998 valuation of the land resulting in a discounted price of $75,200. Unknown to ...
Wills & Trusts Law Reports | November 2015 #154The claimants, who were a group of companies engaged in the business of exploration and exploitation of gas reserves in Ukraine, brought claims against, inter alia, the fourth and fifth defendants (Vivcharyk defendants), respectively the former chief operating officer and the company controlled by him, in relation to alleged bribes or secret commissions which, directly or indirectly, they received in connection with commercial contracts for the supply or acquisition by the Cadogan Group of drilling equipment and services, two gas plants and a company. Proceedings were issued on ...
Wills & Trusts Law Reports | December 2013 #135The transcript of this judgment is reported in part from para 164 onwards and starts with a discussion of the law. No part of the report provides a factual narrative.
Held (allowing the wife’s claim for financial relief):
The court had power on divorce to order a party to the marriage to transfer to the other party such property as may be so specified to which that party was entitled, either in possession or reversion. In this case almost all the wealth created by the husband during the course of the marriage was held through offshore company structures and the ques...
Wills & Trusts Law Reports | December 2012 #125A Jersey fiduciary services provider known as the Lavy Hancox Group (the LH Group) was, during the 1990s, the forum for fraudulent activities by its beneficial owner, Mr Raymond Bellows (Bellows).
The plaintiff/appellant (a BVI company) was administered by the LH Group. They alleged that the LH Group, unlawfully and without authority, caused US$480,000 to be transferred to an account (the Midland account) held in the name of a subsidiary company, Lavy Hancox Management Ltd.
The defendant/respondent was also in receipt of the LH Group’s fiduciary services: Levy Hancox ...
