SHELEY YEUNG LAI MING ALDRED AND ANOTHER v. ELYSIUM LTD

SHELEY YEUNG LAI MING ALDRED AND ANOTHER v. ELYSIUM LTD

On construction of the Trust Deed read as a whole the Appointor's powers are not beneficially owned by the Appointor; the powers are fiduciary or at least limited powers exercisable for the protection of beneficiaries as a class; given the factual matrix (Elysium under Pamela's de facto control, entrenched factional disputes and real risk of conflicted exercise) the Court must and will exercise its inherent jurisdiction to remove Elysium as Appointor and appoint neutral IFL; declaratory relief is necessary to clarify the nature of the Appointor's powers and to protect the Trust.

Citation
[2026] HKCFI 783
Parties
1st Applicant: Sheley Yeung Lai Ming Aldred; 2nd Applicant: Anthony Damian Aldred; Respondent: Elysium Limited; Interested Party (trustee of the Compass Trust): Castle Fiduciary Limited
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
10 February 2026
Case Number
HCMP597/2024
Procedural Posture
Originating Summons (trust Dispute) / Trial and Judgment on Amended Originating Summons
Outcome
Declaratory relief granted that the Appointor's powers are not beneficially owned by the Appointor; Elysium removed as Appointor; International Fiduciaries Limited (IFL) appointed as replacement; costs to follow the event.
Legal Topics
Appointor/protector Powers, Fiduciary Vs Beneficial Powers, Removal of Officeholders Under Inherent Jurisdiction, Declaration of Legal Nature of Powers, Conflict of Interest
Source Language
EN
Trusts and Trustees Equity and Fiduciary Law Civil Procedure Probate and Estates Appointor/protector Powers Fiduciary Vs Beneficial Powers Removal of Officeholders Under Inherent Jurisdiction Declaration of Legal Nature of Powers +1 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 2 Party arguments 2 Amounts and remedies 6
Sign in to unlock

Parties

Sheley Yeung Lai Ming Aldred

1st Applicant

Anthony Damian Aldred

2nd Applicant

Elysium Limited

Respondent

Castle Fiduciary Limited

Interested Party (trustee of the Compass Trust)

Procedural Posture

Originating Summons (trust Dispute) / Trial and Judgment on Amended Originating Summons

Legal Issues

  1. 1 Whether the Appointor's powers under the Trust Deed are fiduciary, limited or beneficial
  2. 2 Whether the powers of the Appointor are beneficially owned by Elysium or by Pamela/the Estate
  3. 3 Whether Elysium should be removed as Appointor and replaced by an independent third party (IFL)

Ratio Decidendi

On construction of the Trust Deed read as a whole the Appointor's powers are not beneficially owned by the Appointor; the powers are fiduciary or at least limited powers exercisable for the protection of beneficiaries as a class; given the factual matrix (Elysium under Pamela's de facto control, entrenched factional disputes and real risk of conflicted exercise) the Court must and will exercise its inherent jurisdiction to remove Elysium as Appointor and appoint neutral IFL; declaratory relief is necessary to clarify the nature of the Appointor's powers and to protect the Trust.

Court Disposition

Declaratory relief granted that the Appointor's powers are not beneficially owned by the Appointor; Elysium removed as Appointor; International Fiduciaries Limited (IFL) appointed as replacement; costs to follow the event.

Orders

  • Declaration that the powers of the Appointor under the Trust Deed are not beneficially owned by the Appointor and are fiduciary or limited in nature
  • Order removing Elysium Limited as Appointor of the Compass Trust and appointing International Fiduciaries Limited as replacement Appointor