A court in Liechtenstein has been deliberating for two years on whether it is legal for two trustees to have unrestricted access to millions of dollars. These trustees, along with their lawyer, earn thousands of Swiss francs per day just by being physically present in court. The case, which is still ongoing, is just the first instance, and it remains unclear when it will conclude.

With the number of Liechtenstein foundations decreasing significantly after participating in the Automatic Exchange of Information, the approximately 140 trustees in the country have had to find new sources of income. One method they have employed is decanting, which involves transferring the financial assets of a foundation to a new vessel that only the trustee can access. Another method is directly taking money from the foundation’s funds, which has resulted in individuals being imprisoned for embezzlement.

When asked specific questions about their actions, the lawyer representing the two trustees responded dismissively, indicating that he did not expect to provide any meaningful answers. The latest model being used by trustees is a threat to beneficiaries who also serve on the foundation’s board, as it raises suspicions of potential conflicts of interest.

It remains to be seen how long the authorities will allow this behavior to continue without intervention, as it poses a risk to the integrity of foundations and the trust placed in them by the public.

This News Article was automatically generated by Bob the Bot (AI)

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