Tang v Tang & ors
 [2018] WTLR 1019

Wills & Trusts Law Reports | Autumn 2018 #173

T died intestate. D1, one of the administrators of T’s estate, purchased a property using estate funds to cover around 40% of the purchase price, without informing P, one of the beneficiaries of the estate. Soon after completion of the purchase, D1 repaid the money to the estate, with interest at a rate that he selected, labelling the transaction as a loan. Later, when the property’s value had increased, P became aware of D1’s actions and brought proceedings to recover the profit made by him.

Held

D1 was a fiduciary who had made a profit by the application of his principal’...

Akita Holdings v Turks and Caicos Islands [2017] UKPC 7

Wills & Trusts Law Reports | Summer 2017 #168

Mr 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 ...

Novoship (UK) Limited & ors v Nikitin & ors [2014] EWCA Civ 908

Wills & Trusts Law Reports | November 2014 #144

Mr Mikhaylyuk (M), a manager for the first respondent, NOUK, with responsibility for negotiating the charters of vessels owned by companies within the Novoship group, the remaining respondents, owed fiduciary duties to all the respondents. M had arranged a series of schemes by which he defrauded his principals and enriched himself and others by the payment of bribes given to him by those who chartered his principals’ vessels. These schemes included one concerning vessels chartered to companies owned and controlled by Mr Ruperti (R) which R then sub-chartered at substantially higher rates...