The Privy Council’s decision in Central Bank of Ecuador and IAMF v Conticorp SA and others illustrates the importance of ensuring that offshore companies managed by nominee directors are run properly as separate, independent legal entities. It found the defendants guilty of dishonestly assisting and procuring the “nominee director” to act in breach of his […]

Where offshore intermediate holding companies are used as part of a corporate group, it is not uncommon to find that the local directors are appointed by, and follow the orders of, its parent company. The recent Privy Council case of Central Bank of Ecuador and ors v Conticorp SA and ors provides a striking illustration […]