Hong Kong and Singapore

Hong Kong Court of Appeal affirms law on express, constructive and resulting trust

The Hong Kong Court of Appeal ("CA") in Ip Fung Kuen v Sam Kee Frozen Meat Co Ltd and others (CACV 107/2016) recently affirmed the well-established principles of express, constructive and resulting trust under Hong Kong law. As well as … Continue reading

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Filed under Hong Kong and Singapore, Private wealth and trusts

Government launches consultation on enhancing transparency of beneficial ownership of Hong Kong companies

The Government has launched a two month consultation exercise on proposals to enhance the transparency of beneficial ownership of Hong Kong incorporated companies. This is part of a number of reform proposals aimed at bringing Hong Kong in line with … Continue reading

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Filed under Hong Kong and Singapore, Private wealth and trusts

Court of Appeal considers dispute over mother’s mental capacity

The Court of Appeal of Hong Kong has recently upheld a decision appointing a son to be the Committee to take care of his incapacitated mother's affairs[1]. This was despite protest from the son's sibling, who claimed the son was … Continue reading

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Filed under Hong Kong and Singapore, Private wealth and trusts

Family dispute over the setting-up of a trust rejected because plaintiff consented to the trust at the time of establishment

In a recent case, the Singapore High Court has held that a plaintiff's agreement to the setting-up of a trust to protect a family's wealth (including the assets of a deceased family member) was a valid defence for a defendant … Continue reading

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Filed under Estates disputes, Hong Kong and Singapore, Private wealth and trusts, Trust disputes

Hong Kong Court rejects case that shares were held on trust, finding that evidence adduced was inconsistent

The Hong Kong High Court has recently held that Eric Hotung had not imposed a trust in his favour when he gave HK$2,000,000 to Ho Yuen Ki in 1961 for the purchase of shares in a Macau gambling business.1 Whilst … Continue reading

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Filed under Hong Kong and Singapore, Trust disputes

Singapore and United States affirm efforts to strengthen sharing of tax information

A joint statement issued by the United States and Singapore suggests that US authorities are seeking to accelerate off-shore tax enforcement aimed at US accountholders and financial institutions in Singapore. A joint statement was issued on 2 August 2016 to … Continue reading

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Filed under Hong Kong and Singapore, Offshore, South East Asia

Failure to comply with freezing orders leads to prison

In JSC Mezhdunarodniy Promyshlenniy Bank and Another v Pugachev [2016] EWHC 248 & 258 Ch (sentence) and [2016] EWHC 192 (Ch) (liability), the English High Court sentenced Russian businessman Sergei Pugachev to two years in prison for contempt of court. … Continue reading

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Filed under Hong Kong and Singapore, London

The insolvent oligarch: the English High Court provides much needed guidance on quantifying liabilities in a deceased insolvent’s estate

In Lockston Group Inc v Nicholas Stewart Wood [2015] EWHC 2962 (Ch), the English High Court held that foreign currency claims and claims for interest in a deceased insolvent's estate should be calculated at the date of death, rather than … Continue reading

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Filed under Estates disputes, Hong Kong and Singapore, London

New safeguards needed for Hong Kong’s aged dementia sufferers

As Hong Kong’s population ages and the incidence of dementia increases,  the need for effective and efficient long-term care and support systems for the elderly is becoming more critical. Particularly under the spotlight is the protection and management of a … Continue reading

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Filed under Hong Kong and Singapore, Uncategorized

Herbert Smith Freehills publishes second White Paper: “Creditors and Jurisdictions – Choose wisely”

Herbert Smith Freehills has published the second of our white papers in the run-up to the Transcontinental Trusts: International Forum 2016, taking place in Bermuda on 9 & 10 May 2016. Herbert Smith Freehills is the Thought Leadership partner to the … Continue reading

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Filed under Hong Kong and Singapore, Insolvency, Jurisdiction, Private wealth and trusts