22 Nov 2019
IQ EQ (NTC) TRUSTEES ASIA (JERSEY) LIMITED AND ANOTHER v. BRUNO ARBOIT and RODERICK JOHN SUTTON AND ANOTHER
- Citation
- [2019] HKCFA 45
- Court
- Court of Final Appeal
- Case number
- FACV2/2019
Anti-Bartlett clauses in the Trust Deed effectively excluded any duty on the trustees to supervise or intervene in the company's investment decisions absent actual knowledge of dishonesty; Art 21 prescribes the standard for duties actually exercised but does not create a non-derogable supervisory duty; the courts below erred in treating after-the-event approvals as an assumed supervisory duty and in categorising the case as one of direct loss of trust property; if liability were sustained it would fall within negligent mismanagement (third category) where common law causation principles apply…