Trustee Jailed For Pocketing $176,000
From the above article, we understand that the tycoon created a religious trust, or wakaf, for four of his properties in Joo Chiat before he passed away. So, even he has passed away in 1934, the trust continues to collect rental income from the four properties and the trust is suppose to use the rental income to upkeep the mosque in Yemen.
The businessman who is part of a family (the trustee), is in charge of managing the four Joo Chiat properties and act in the interest and the benefits of the mosque in Yemen. But, he fail to do so and pocked $176,000 from this process. He is guilty for criminal breach of trust.
We understand that if he could have entrusted a corporate Trustee of this Trust, this incident could be minimize.
OUR ESTATE PLANNING HELPLINE