Appleby Corporate Services v Citco Trustees 17 ITELR 413

Wills & Trusts Law Reports | April 2016 #158

In March 2000 a settlor transferred about US$10m to a company registered in the British Virgin Islands (BVI). In December 2000 the settlor then settled the entire issued share capital of the company upon a BVI discretionary trust. The beneficiaries of the trust were the settlor’s wife and children and the trustee was the defendant company. The trust deed gave the defendant all the powers and immunities set out in what is now the Second Schedule to the Trustee Act (BVI). On the same day in December the defendant and the company entered into an investment management agreemen...