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Judgment Allowed Trust To Act Responsibly

Judgment Allowed Trust To Act According To Responsibilities

The Chairman of Auckland Energy Consumer Trust (AECT), Warren Kyd, says the judgment of Justice Winkelmann allowed the Trust to act properly and in accordance with its Trust Deed in terms of its responsibilities to Vector Ltd and to its beneficiaries during a very difficult period.

“At a time when, as Justice Winkelmann recorded, three individuals refused to act as trustees, attempted to misuse the processes of the Trust, and attempted to achieve indirectly what could not be achieved directly, the Trust was able to make decisions in the interests of the development and growth of Vector Limited.

“Ultimately the judgment delivered by Justice Winkelmann ensured that improper actions to subvert the processes of the trust were defeated, and the Trust can now move forward to fulfil its duties to the beneficiaries.”

Mr Kyd said there was a “positive” in events of the past week, and the recourse to the Courts, because the role and duties of trustees were now fully and totally clarified.

“I welcome the further judgment because it has shown, again, that trustees have clear responsibilities, and these cannot be substituted for any ‘political’ agendas.

“The judgment contains very serious criticism of the actions of the three trustees. I will be working through this judgment with my legal advisors to determine its implications.”

The Chairman said a debt of gratitude was owed to the High Court which, despite its normal workload, was prepared to accommodate an issue which required urgent attention through an extended sitting.

“The rulings are relevant to all those who act as trustees.”

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