17 Aug 2012
KA NO 4 TRUSTEE LIMITED AND KA NO 3 TRUSTEE LIMITED V THE FINANCIAL MARKETS AUTHORITY COA CA115/2012
- Citation
- COA CA115/2012
- Court
- Court of Appeal
The Court of Appeal affirmed the High Court: s 60H(1)(f) must be read broadly in light of the protective statutory purpose so that assets held in discretionary trusts can, on a reasonably arguable factual basis, be treated as held "on behalf of" associated persons for preservation orders; the KA4 sham pleading was sufficiently particularised to proceed to discovery and a substantive hearing, whereas the KA3 sham claim was not pursued on appeal.