The UK Privy Council has ruled that the nominee corporate director of a British Virgin Islands company was not in breach of its director‘s duty of care when it agreed to deal with the company‘s ultimate beneficial owner through a long-standing intermediary agent, even though the owner later disavowed the agent‘s actions.
The decision relied on the principles of ostensible authority and the Duomatic principle to reach a decision that is comforting to professional corporate services providers in the offshore jurisdictions, say barristers at XXIV Old Buildings (Ciban Management Corporation v Citco (BVI) Ltd (2020 UKPC 21)).
News Source：【XXIV Old Buildings 2020/10/26】