In the matter of the representation of A Limited and in the matter of the F Foundation  JRC 075
This is the first case in which the Royal Court has had to give full consideration to the law applicable to a Jersey foundation, the Foundations (Jersey) Law 2009. This was an application for directions by the qualified member of the F Foundation’s council.
The Foundation was incorporated under the Foundations Law. The founders were two BVI registered companies originally owned by two Russian nationals, B and G. The Foundation’s council had three members: A Limited (the qualified member, registered under the Financial Services (Jersey) Law 1998 to carry on trust company business) and two lawyers (D and E) from a Cyprus law firm, which acted for B. The Foundation’s guardian was another BVI registered company, namely C Limited (“the Guardian”).
The Foundation’s original beneficiaries were B and C, but C disclaimed so that B was the sole beneficiary. He also beneficially owned the two founding companies and the Guardian, all of which were administered in Cyprus through D and E’s firm. The Foundation owned a complex structure under which were held substantial real estate and other assets in Russia and Eastern Europe…
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