Knowing receipt share transfer claim dismissed
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A Cayman Island company entered liquidation (the Company). The Company was the beneficiary under a trust (the Trust). The Trust’s property included shares in five Saudi companies (the Shares). The Trust’s trustee transferred the Shares to a Saudi bank to discharge the trustee’s personal indebtedness to the bank. The transfer was governed by Saudi law. The liquidators alleged the transfer was a breach of trust and that the Saudi bank was aware of this.