Meridian Asset Management Sdn Bhd v Amtrustee Berhad & Other Appeal [2015] 4 CLJ 674

COUNSEL & SOLICITOR:
Lim Kian Leong (Tan Wei Wei & Kenneth VK Liew with him) (Lim Kian Leong & Co) for the defendant.

COURT OF APPEAL ( PUTRAJAYA)

Equity- Fiduciary duty- Breach- Whether fiduciary relationship existed- Appointment of custodian bank by fund manager to safeguard client’s money- Whether custodian was a trustee company- Whether owed a higher duty to ensure assets of fund manager adequately protected- Whether relationship of ‘trusted confidence’ existent between client and AmTrustee- Tort- Vicarious liability- Apportionment of liability- Appointment of custodian bank by fund manager to safeguard client’s money- Whether funds placed with fund manager as ‘custodian’ of client- Whether duty of care owed to client – Breach of duty by custodian bank- Liability of custodian bank towards client- Whether breached duty of care.