Trident Trust Company (Singapore) Pte Ltd v Modi & Ors [2025] EWHC 3046 (Ch) (02 July 2025)

Trident Trust Company (Singapore) Pte Ltd v Modi & Ors [2025] EWHC 3046 (Ch) (02 July 2025)

The court declined to bless the trustee's decision due to insufficient evidence of decision-making, lack of clear acknowledgment and management of conflict of interest, and failure to properly consider alternatives such as renting the property. The trustee's process did not meet the heightened scrutiny required for blessing under Public Trustee v Cooper jurisdiction.

Citation
[2025] EWHC 3046 (Ch)
Parties
Claimant: Trident Trust Company (Singapore) Pte Limited; First Defendant: Purvi Deepak Modi; Second Defendant: Richard Levin; Third Defendant: Nirav Modi; Fourth Defendant: Marathon House Limited; Fifth Defendant: Rockington Limited; Sixth Defendant: Keystone Investment Holdings Limited; Seventh Defendant: Frandor Limited; Eighth Defendant: The Union of India (through the Directorate of Enforcement)
Jurisdiction
England and Wales
Judgment Date
02 July 2025
Procedural Posture
Trust Application (public Trustee V Cooper Blessing) / Application for Court Blessing of Trustee's Decision
Outcome
Application for court blessing refused; no blessing granted.
Legal Topics
Court Blessing of Trustee Decisions, Conflict of Interest, Sale of Trust Property, Trustee Borrowing, Beneficiary Participation
Trusts Property Civil Procedure Court Blessing of Trustee Decisions Conflict of Interest Sale of Trust Property Trustee Borrowing Beneficiary Participation

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Parties

Trident Trust Company (Singapore) Pte Limited

Claimant

Purvi Deepak Modi

First Defendant

Richard Levin

Second Defendant

Nirav Modi

Third Defendant

Marathon House Limited

Fourth Defendant

Rockington Limited

Fifth Defendant

Keystone Investment Holdings Limited

Sixth Defendant

Frandor Limited

Seventh Defendant

The Union of India (through the Directorate of Enforcement)

Eighth Defendant

Procedural Posture

Trust Application (public Trustee V Cooper Blessing) / Application for Court Blessing of Trustee's Decision

Legal Issues

  1. 1 Should the court bless the trustee's decision to sell trust property at a reduced price and/or enter into a borrowing facility secured against the property?
  2. 2 Has the trustee properly considered alternatives and disclosed conflicts of interest?
  3. 3 Is the trustee's decision-making process sufficiently evidenced for heightened scrutiny?

Ratio Decidendi

The court declined to bless the trustee's decision due to insufficient evidence of decision-making, lack of clear acknowledgment and management of conflict of interest, and failure to properly consider alternatives such as renting the property. The trustee's process did not meet the heightened scrutiny required for blessing under Public Trustee v Cooper jurisdiction.

Court Disposition

Application for court blessing refused; no blessing granted.

Orders

  • Trustee may seek adjournment to better evidence decision-making or proceed without court blessing.