EXCLUSIVE: Auckland court to become scene of battle to prevent US seizure of assets, writes Matt Nippert. New York real estate owned by the New Zealand trusts includes two Manhattan apartments, including a $43m penthouse in the Time Warner Centre formerly owned by celebrity couple Beyonce and Jay-Z. Case rekindles trusts debateThe appearance of New Zealand trusts in the 1MDB affair threatens to re-ignite controversy over our foreign trust industry. A subsequent government inquiry, headed by John Shewan, had proposed tighter regulation and more transparency for the foreign trust industry but concluded there was "no direct evidence of illicit funds being hidden in New Zealand foreign trusts". "The Inquiry also considered it reasonable to conclude that there are cases where foreign trusts are being [abused] ...

Source: The Edge Markets January 18, 2017 03:22 UTC