Gamble & Ors v Rhodes Trustees Ltd (CS 61/2011) [2012] SCSC 10 (23 March 2012)

Gamble & Ors v Rhodes Trustees Ltd (CS 61/2011) [2012] SCSC 10 (23 March 2012)

The defendant, as co-trustee, breached its statutory duties by delegating control of trust property to the only other co-trustee, failing to ensure trust property was vested in the trustees, and not taking reasonable steps to protect or restore the trust property. This breach caused loss to the beneficiaries, for which the defendant is jointly and severally liable.

Citation
[2012] SCSC 10
Parties
Plaintiff: Plaintiffs No 1 to No 4; Defendant: Rhodes Trustees Ltd
Court
Supreme Court
Jurisdiction
Seychelles
Judgment Date
23 March 2012
Case Number
CS 61/2011
Procedural Posture
Civil / Judgment
Outcome
suit allowed in part
Legal Topics
Breach of Trust, Trustee Duties, Liability of Trustees, International Trusts
Source Language
English
Trust Law Breach of Trust Trustee Duties Liability of Trustees International Trusts

Case Brief

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Parties

Plaintiffs No 1 to No 4

Plaintiff

Rhodes Trustees Ltd

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the defendant breached its duties as trustee under the International Trust Act 1994
  2. 2 Whether the defendant is liable for loss of trust property to the beneficiaries
  3. 3 Whether the trust was properly constituted and property vested in the trustees

Ratio Decidendi

The defendant, as co-trustee, breached its statutory duties by delegating control of trust property to the only other co-trustee, failing to ensure trust property was vested in the trustees, and not taking reasonable steps to protect or restore the trust property. This breach caused loss to the beneficiaries, for which the defendant is jointly and severally liable.

Court Disposition

suit allowed in part

Orders

  • Defendant to pay plaintiffs British Sterling £402,869.62 or equivalent in rupees at the rate at time of payment, with interest at court rate from date of filing until payment in full.
  • Plaintiffs awarded costs of the suit.