In this case the current trustee of a BVI discretionary trust, Appleby Corporate Service (BVI) Limited (“Appleby”) sought an Order requiring the former trustee, Citco Trustees (BVI) Limited (“Citco”) to reconstitute the trust fund by compensating the trust for losses, which it claims were suffered by the trust as a result of the negligence of Citco. The sole asset of the trust was the entire issued share capital of an investment company. The investments were delegated to professional managers who disregarded contractual investment guidelines with a resultant loss of almost the entire value of the trust fund.
To continue reading full articles in PDF format:
Appleby Corporate Services (BVI) Limited -v- Citco Trustees (BVI) Limited Claim No. BVIHC (Com) 156 of 2011