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Interesting case about beneficial ownership of property held by offshore company. The Claimant was a judgment creditor of an individual living in a large flat in Pall Mall, and contended that the debtor was the beneficial owner, even though the flat was vested in a Panama Company, because he appeared to have provided the funds to acquire it. The Judge held that the whole purpose of using an offshore company and Liechtenstein Trusts was to secure tax benefits which would be lost if the individual beneficiary under the trusts held the beneficial interest in the property. Accordingly the presumption of a resulting trust was rebutted. Thomas Jefferies acted for the successful company.
