Wiid and Others v Wiid and Others (1571 / 2006)
Wiid and Others v Wiid and Others (1571 / 2006) [2012] ZANCHC 62 (13 January 2012)
The court found that the trustees failed to exercise independent and prudent discretion when leasing trust assets to the third defendant at rates significantly below market value and allowing free use of wildlife, thereby causing substantial financial loss to the trust and unfairly benefiting one beneficiary over others. The trustees acted under the undue influence of the deceased founder and neglected their statutory and common law duties to act in the best interests of all beneficiaries. Their conduct amounted to gross negligence and a breach of fiduciary duty. The court held the first to f…
Source excerpt
- Trustee Duties
- Breach Of Trust
- Removal Of Trustee
- Damages Assessment
- Fiduciary Obligations
- Trust Property Management