Trust Manager Denies Fraud In £5.9M Row Over Failed Resort

Law360, London (February 6, 2019, 7:25 PM GMT) -- A Guernsey-based trust manager has denied committing fraud and owing £5.9 million to the operators of a pension scheme that invested in a failed Caribbean resort, according to documents filed with a London court.

The managers of Hatley Pensions are suing Estera Corporate Trustees (Guernsey) Ltd. at the High Court, claiming that the firm was so reckless and negligent that its conduct may have amounted to fraud. But Estera, in its defense to the pension scheme managers filed on Jan. 30, said it was allowed to advance money to the resort’s developer, Malgretoute Hotel Development Co. Ltd., under the terms of a...

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