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Representation of the Jeep Trust [2010] JRC075

July 2010 - Litigation & Dispute Resolution. Legal Developments by Ogier .

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This representation was made by the principal beneficiary of the Jeep Trust (“Mr K”). The Jeep Trust was established in May 1998 with Regal Trustees Limited (“Regal”) as trustee.

In 2003 Regal retired as trustee of the Jeep Trust in favour of a company incorporated in Mauritius called Dinard Trustees Limited (“Dinard”).

During 2007 Mr K considered terminating the Jeep Trust and sought to have the entire trust fund appointed to him by the trustee. Mr. K’s financial advisors attempted to make contact with Dinard to fulfil this appointment; however, they could not get a response from Dinard. Despite the fact that Regal had retired as trustee from the Jeep Trust, Mr K asked Regal for assistance. Regal established that the Mauritius Financial Services Commission had withdrawn Dinard’s licence. However, no other further information on Dinard could be obtained. The position at this time was that the Jeep Trust was without a functioning trustee and because of this, there wasn’t anyone in a position to give instructions to appoint the trust fund.

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