Laguna’s trustee asked to give evidence in hearing on noteholder’s winding-up application

SINGAPORE’S High Court has on Monday (Sep 12) asked the trustee of Laguna National Golf and Country Club to give evidence before the court so it can assess whether the trustee had acted according to its fiduciary duty in looking after debenture holders’ interest.

The British and Malayan Trustees has 1 month to file an affidavit, if it wishes, addressing whether it was aware that the club was in default before it failed to redeem the unsecured notes; and if so, what steps it was going to take.

In its attempt to restrain pioneer club member Lim How Teck’s application to wind up the club, the club had argued, among other things, that a “non-action clause” in a trust deed prevents Lim from taking such an action.