Rep of WTHK Ltd and Valentin NZ Ltd -v- UBS Trustees [2016] JRC 099 (27 May 2016)

Rep of WTHK Ltd and Valentin NZ Ltd -v- UBS Trustees [2016] JRC 099 (27 May 2016)

The appointment of the Representors as additional trustees was valid, having been made in good faith and for rational reasons in the interests of the beneficiaries. Under Jersey law and the trust deeds, trustees may act by majority decision. However, implementation of trustee decisions is subject to the terms and law applicable to relevant contracts and any other applicable law, including money laundering provisions, and the Court declined to rule on the criminality of certain actions.

Citation
[2016] JRC 099
Parties
Representor: WTHK Limited; Representor: Valentin Trustees Limited; Respondent: UBS Trustees (Jersey) Limited; Protector: Mr Edo Romano; Protector: Alessandra Riva; Settlor: Mr Adriano Riva
Jurisdiction
Jersey
Judgment Date
27 May 2016
Procedural Posture
Representation / Final Judgment
Outcome
declarations granted in limited terms
Legal Topics
Appointment of Trustees, Fiduciary Powers, Money Laundering, Asset Freezing, Conflict of Laws
Trusts Criminal Law International Law Appointment of Trustees Fiduciary Powers Money Laundering Asset Freezing Conflict of Laws

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Parties

WTHK Limited

Representor

Valentin Trustees Limited

Representor

UBS Trustees (Jersey) Limited

Respondent

Mr Edo Romano

Protector

Alessandra Riva

Protector

Mr Adriano Riva

Settlor

Procedural Posture

Representation / Final Judgment

Legal Issues

  1. 1 Validity of appointment of additional trustees
  2. 2 Authority of trustees to issue instructions to agents and terminate fiduciary agreements
  3. 3 Implications of money laundering laws on trustee actions

Ratio Decidendi

The appointment of the Representors as additional trustees was valid, having been made in good faith and for rational reasons in the interests of the beneficiaries. Under Jersey law and the trust deeds, trustees may act by majority decision. However, implementation of trustee decisions is subject to the terms and law applicable to relevant contracts and any other applicable law, including money laundering provisions, and the Court declined to rule on the criminality of certain actions.

Court Disposition

declarations granted in limited terms

Orders

  • Appointment of Representors as trustees valid and effective from 21 September 2015.
  • Trustees permitted to act by majority decision under Jersey law and trust deeds.