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...
Thomas Klemme and Oliver Auld highlight a clash of trust law concerning trusts over foreign assets, which also has lessons for liquidators ‘The Supreme Court held unanimously and unequivocally that a trust can exist over assets located in a jurisdiction that does not recognise trusts.’The recent Supreme Court judgment in the case of Akers v …
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