Zhang is a senior executive vice president of ICBC and former China head of Deutsche Bank AG. Earlier today, the Hong Kong Court of Final Appeal handed down judgment in Zhang Hong Li v DBS Bank and others a case which has been the cause of considerable discussion in the private wealth and trusts world. DBS Private Wealth Dispute Continues Tom Burroughes, Group Editor , Singapore , 29 May 2019. Such clauses are drafted to exclude the duty of a trustee to supervise or intervene in the business affairs of companies in … Following on from our earlier blog posting where we reported on the background of Zhang Hong Li v DBS Bank and others and the Hong Kong Court of Final Appeal's ("CFA") decision to overturn the Court of Appeal's ("CA") findings, we now set out below our more detailed analysis of the CFA's decision.. Summary of the decision… Shân Warnock-Smith Q.C. Following on from our earlier blog posting where we reported on the background of Zhang Hong Li v DBS Bank and others and the Hong Kong Court of Final Appeal’s (“CFA”) decision to overturn the Court of Appeal’s (“CA”) findings, we now set out below our more detailed analysis of the CFA’s decision.. Summary of … WEBINAR SERIES ON THE LANDMARK DBS CASE . In a comforting decision for trustees, the Hong Kong Court of Final Appeal in Zhang Hong Li v DBS Bank and others has found that trustees do not owe a "high level supervisory duty" in respect of an underlying company's investments, where supervisory duties are excluded under the terms of trust (in what is commonly … The saga of Zhang Hong Li v DBS Bank will continue at the Court of Final Appeal in Hong Kong, the highest court in the Special Administrative Region.. Mayer Brown represented the appellants in the long-running case of Zhang Hong Li & Ors v DBS Bank (Hong Kong) Ltd & Ors, which has been closely followed by the trust and private wealth industry around the world as it raises important issues relating to duties of trustees and the effect of “anti-Bartlett” clauses in trust … This seminar examines the Hong Kong Court of Final Appeal's decision in Zhang Hong Li v DBS Bank in particular whether trustees owe a “high level supervisory duty” with respect to the underlying company’s investments, where supervisory duties are excluded under an “anti-Bartlett” clause. The recent case Zhang Hong Li and others v DBS Bank (Hong Kong) Limited and others has confirmed the ability of trustees to rely on terms commonly used in trust deeds known as “anti-Bartlett” clauses. The saga of Zhang Hong Li v DBS Bank will continue at the Court of Final Appeal in Hong Kong, the highest court in the Special Administrative Region. Zhang sued, among others, DBS Trustee, the Jersey corporate trustee, alleging breach of trust. Oliver Auld examines the limitations of ‘anti-Bartlett’ clauses following Zhang Hong Li v DBS Bank ‘The purpose of an “anti-Bartlett” clause is to nullify (to the extent possible) the trustee’s duty to enquire into or interfere in the conduct of any business investment under its ownership or control.’ The decision of the Hong Kong Court … Continue reading "Professional trustees … The judgment in ZHANG HONG LI AND ANOTHER V DBS (HONG KONG) LTD AND OTHERS [2018] HKCA 435 (the DBS case) provides a timely reminder to professional trustees of their duties where authority has been delegated to a third party.. Liabilities of Trustees and Fiduciaries after Zhang Hong Li & Ors v DBS Bank (HK) Ltd & Ors [2019] HKCFA 45 Presented by Prof. Steven Gallagher, Associate Professor of Practice in Law, Associate Dean (Teaching & Learning), The Faculty of Law, The Chinese University of Hong Kong His wife, Ji, set up a Jersey trust with DBS in favour of the Zhang family. The Court of Final Appeal reversed the Court of Appeal’s findings and ruled that the anti-Bartlett … Shân and the team represented the trustee and corporate director of the underlying investment company in arguing successfully that neither was liable in light of a … The 2017 decision of the Hong Kong Court in Zhang Hong Li v DBS Bank (Hong Kong) Limited had raised questions on whether it was possible to exclude the trustee's duty to enquire and supervise with an anti-Bartlett clause. dbs SYNOPSIS This seminar examines the Hong Kong Court of Final Appeal's decision in Zhang Hong Li v DBS Bank in particular whether trustees owe a “high level supervisory duty” with respect to the underlying company’s investments, where supervisory duties are excluded under an “anti-Bartlett” clause. Court rules that trustee has no duty to supervise underlying company Partner Elliott Phillips and Associate Simon Everington of Signature Litigation discuss the decision of the Hong Kong Court of Final Appeal in the case of Zhang Hong Li and others v DBS Bank (Hong Kong) Limited and others [2019] HKCFA 45 Hong Kong Trustees’ Association Limited Room 1103, 11/F., V Heun Building, 138 Queen’s Road Central, HK Website: www.hktrustees.com Tel. Zhang, Ji, the trustee and the investment company of the trust brought the action against DBS, its various related companies and its employees. On 22 November 2019, the Hong Kong Court of Final Appeal handed down its eagerly anticipated decision in Zhang Hong Li and others v DBS Bank (Hong Kong) Limited and others [2019] HKCFA 45.The Court of Final Appeal allowed the appeal and overturned the decision of the Court of Appeal, which had found the former trustee … The primary claim was against the DBS trustee entity for breach of trust, particularly in approving a substantial increase in the credit facility and approving certain … This should be a welcomed … (Zhang Hong Li v DBS Bank (Hong Kong) Ltd [2017] HKEC 772) Background Zhang is a senior executive vice president of ICBC and former China head of … In December 2019, the Hong Kong Court of Final Appeal (CFA) handed down a long-awaited decision in Zhang Hong Li v DBS Bank and others and overturned the Court of Appeal’s (CA) findings by upholding the use of anti-Bartlett clauses and criticising the CA for imposing unfounded duties on trustees. Decisions of the Court of First Instance and the Court of Appeal The Hong Kong Court of First Instance held that DBS Trustee was liable for negligent breach of trust, DBS Trustee sought to rely on the anti-Bartlett clause in the trust deed, intended to 1) allow the underlying investment company to function without interference by the trustee and 2) relieve the trustee from any duty or power to … signatories. : 3703 5170 . In the DBS case, the Hong Kong Court of Appeal found the trustee … Oliver Auld examines the limitations of ‘anti-Bartlett’ clauses following Zhang Hong Li v DBS Bank ‘The purpose of an “anti-Bartlett” clause is to nullify (to the extent possible) the trustee’s duty to enquire into or interfere in the conduct of any business investment under its ownership or control.’ An important judgment by the Hong Kong Court of Final Appeal (CFA) establishes that so-called anti-Bartlett clauses in the trust deed of a Jersey family trust exempted the trustees from any liability for losses incurred in transactions by the trust's underlying investment company (Arboit, Sutton and Wise Lords Ltd v DBS, 2019 HKCFA 45; also known as Zhang and Ji v DBS Trustee). The Hong Kong Court of Final Appeal has delivered its highly anticipated judgment, overturning the earlier judgments and confirming that trustees may continue to rely upon provisions commonly known as 'anti-Bartlett' clauses in trust instruments, which seek to negate a trustee's … On 22 November 2019,the Hong Kong Court of Final Appeal (CFA) handed down its judgement, Facts of Zhang Hong Li v DBS Bank. Zhang and Ji brought proceedings against DBS Trustee among others, alleging dishonest and negligent breach of trust. The Court of Appeal (the “CA”) in Zhang Hong Li v DBS Bank (Hong Kong) Ltd CACV 138&139/2017 recently upheld the trial judge’s findings on a breach of fiduciary duties owed by DBS bank entities to its investor customers through a … In a comforting decision for trustees, the Hong Kong Court of Final Appeal in Zhang Hong Li v DBS Bank and others has found that trustees do not owe a “high level supervisory duty” in respect of an underlying company’s investments, where supervisory duties are excluded under the terms of trust (in what is commonly … The English Court of Appeal decides it has the power to order a non-party witness to give evidence in aid of a foreign arbitration [ENGLISH] 15 April 2020 by Studio Amministratore Zhang v. United States, 401 F.Supp.2d 233, 243-44 (E.D.N.Y.2005) (“Zhang I ”). Although such clauses are prone to beneficiary attack, the recent decision of Zhang v DBS Trustee in the Hong Kong Court of Final Appeal (applying Jersey law) has provided trustees with some comfort that anti-Bartlett clauses can be effective in limiting trustees duties to supervise and interfere in the management of … In 2008, during the nancial crisis, the investments held by Wise Lords incurred signicant losses. The case is Zhang Hongli and others v DBS Bank (Hong Kong Ltd.) and others, HCCL 2/2011 in Hong Kong’s Court of First Instance. led the counsel team in the Hong Kong Court of Final Appeal in the much commented-on case of Zhang and Ji v DBS Trustee. We report an investigation of the 1-pyrenolate anion (PyO−) and the 1-pyrenoxy radical (PyO) using photodetachment spectroscopy and resonant photoelectron imaging of cryogenically cooled anions. Breach of trust. 8 Zhang Hong Li and others v DBS Bank (Hong Kong) Ltd and others[2019] HKCFA 45 at [11.1]. After Ji transferred the one share in Wise Lords to DBS Trustee for the set-up of the Trust, the Former Trustee nominated DHJ to act as director of Wise Lords. The saga of Zhang Hong Li v DBS Bank will continue at the Court of Final Appeal in Hong Kong. Friday 29 November 2019. Ji and Zhang and the current trustees of the Trust sought to recover the losses claiming that DBS Bank, the trustee of the Trust, and … Tuesday 29 October 2019 INTRODUCTION. A long-running legal tussle between a Chinese banker, his wife and DBS rolls on in Hong Kong, reports said. In 2017, DBS Bank lost partly in defending claims made against it by the Zhang family, who were private wealth clients of the bank. (Zhang Hong Li v DBS Bank (Hong Kong) Ltd [2017] HKEC 772) Background . Anti- Bartlett Clauses and the Recent Decision in Zhang Hong Li and others v. DBS Bank (Hong Kong) Limited Not so Fast: The Decision May Not Be As Helpful for Trustees As Many Think NOTES FOR ATTENDEES. Effectiveness of anti-Bartlett clauses confirmed.