This latest judgment in the long-running Pugachev litigation highlights that a settlor cannot avail themselves of the benefits of putting assets in trust whilst at the same time in reality maintaining control over the assets through extensive non-fiduciary personal powers.
The High Court has ruled that Sergei Pugachev, the Russian oligarch who was a settlor, "protector" and discretionary beneficiary of five discretionary trusts worth approximately US$95 million, was the true owner of the trust assets in question and the Court should not give effect to the trust instruments.
The High Court has ruled that Sergei Pugachev, the Russian oligarch who was a settlor, "protector" and discretionary beneficiary of five discretionary trusts worth approximately US$95 million, was the true owner of the trust assets in question and the Court should not give effect to the trust instruments.
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