15 Dec 2022
SHALINI NARESH KUMAR BASANT v. SOVEREIGN FIDUCIARIES (HONG KONG) LTD
- Citation
- [2022] HKCFI 3675
- Court
- Court of First Instance
- Case number
- HCMP420/2021
Although no actual conflict or proven misconduct by the trustee was established, the objective circumstance of the trustee founder's business and personal ties to beneficiary-directors created a real risk of conflict and, coupled with the Applicant's articulated distrust and the undertaking to indemnify transfer and costs, continuation of the respondent would be likely to impede proper administration; accordingly it was expedient under s42 TO to discharge the respondent and appoint the proposed replacement (Mr Frank Yuen) who is fit and proper.