Lloyds Trust Company v Fragoso & ors [2013] JRC 211

Wills & Trusts Law Reports | January/February 2017 #166

The representor was the trustee (T) of a Jersey law governed discretionary trust (R) established in 1999 and valued at £402,000. The first respondent was the settlor (S). The class of beneficiaries included S’s wife and three children.

When R was established, S described himself as a civil engineer and informed T that the funds settled were proceeds of engineering consultancy contracts which he had worked on over the last 20 years. He did not disclose that he held public office in Mozambique.

In 2010, T discovered that a company had been convicted in England of paying bribe...

Cadogan Petroleum plc & Ors v Mark Tolley & Ors [2011] EWHC 2286 (Ch)

Wills & Trusts Law Reports | November 2015 #154

The 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 ...

Bribery And Constructive Trusts: Channelling dirty money

Lloyds Trust Co (CI) Ltd v Fragoso [2013] provides clarification for Jersey on how trustees hold assets derived from bribes in a trust. Alexa Saunders gives the lowdown ‘In Fragoso [2013], the Royal Court of Jersey was in a position to make its own decision as to whether to follow Reid [1993] or Sinclair [2011].’ …
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Sharma v Sharma & ors [2013] EWCA Civ 1287

Wills & Trusts Law Reports | January/February 2014 #136

In April 2003 qualified dentist Anushika Sharma acquired her first dental practice. In January 2007 she acquired a second practice and in July 2007 she was provided with an opportunity to purchase a third. This opportunity prompted a family meeting to discuss Anushika’s expanding empire. Jagesh Sharma (Sunny), Keshbala Sharma and Rajesh Sharma (Anushika’s then husband, mother-in-law and brother-in-law respectively) and Anushika were in attendance. During this meeting it was determined that a company (ADC Ltd) would be set up to purchase the third practice rather than Anushika doing this ...

Equity: Fiduciary failings

The Australian case Grimaldi v Chameleon Mining takes an interesting stance on key points of equity law, as Carrie Rome-Sievers reports ‘Subject to the particular facts of a case of misdirected corporate funds or property received by a third party, a claimant in Australia may be well-advised to plead an orthodox property law claim separately …
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Equitable Tracing: A change in English law

In his concluding article Sukhninder Panesar examines the impact of Sinclair Investments Holdings SA v Versailles Trade Finance Ltd & ors ‘Despite the decision of the Privy Council in Reid, there was a considerable body of academic opinion that suggested that a claimant’s right to trace property in equity depended not only on the finding …
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