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WEALTH MANAGEMENT - JERSEY: Success for plaintiffs in USD200 million Crociani case

Five years of litigation about a Bahamian trust have ended in a successful outcome for Cristiana Crociani and her daughters, with Jersey’s Royal Court finding in favour of the reconstitution of the trust fund (Crociani & O'rs v Crociani & O'rs 2017 JRC146).

The ‘Grand Trust’ was originally settled in 1987 by Edoarda Vesel Crociani, for the benefit of sisters Cristiana and Camilla, and their children, and comprised a portfolio of investments, various receivables and valuable artwork. The eventual case spanned multiple jurisdictions, including Italy, Holland, the Bahamas, Mauritius, the US and Jersey.

Following a breakdown of the relationship between Cristiana and her mother in 2010, the former sought to enforce her rights, and those of her children, as beneficiaries of the Grand Trust, and to have the fund reconstituted in the hands of new trustees.

After a three month trial, the Royal Court found in favour of the plaintiffs, and ordered that the Grand Trust be reconstituted by the former trustees: Edoarda Vesel Crociani, BNP Paribas Jersey Trust Corporation and Appleby Trust (Mauritius). It is expected that the trust fund will be worth USD200 million.