FMA files civil proceedings against trustee
The Financial Markets Authority (FMA) has filed civil proceedings against Prince and Partners Trustee Company Limited (Prince).
Prince was the trustee for finance company Viaduct Capital Limited (Viaduct).
Viaduct collapsed in 2009. FMA alleges that Prince breached the obligations it owed to Viaduct investors and to the Treasury (the Crown) under the Retail Deposit Crown Guarantee.
FMA exercicing its right to stand in the shoes of another, alleges that Prince failed to fulfil its obligations to protect the interests of investors in Viaduct. The claim further alleges that this conduct resulted in loss to individual investors and to the Treasury under the Crown Guarantee, to which Viaduct was a party.
FMA has brought separate criminal charges against individuals associated with Viaduct which are currently still before the Court.
Source: FMA
