Low and several family members stand to lose US$260 million in assets held in New Zealand trusts that they benefited from after the US government seized the assets in a California court proceeding. In its ruling, the New Zealand High Court agreed to a request by Low's family members to replace their Swiss trustees with New Zealand and Cayman Islands trust services companies. Court records said the Swiss trustees did not take any steps to stop the seizure, citing concerns that that would be considered money laundering by the US government. The Swiss trustees did not oppose the replacement. Judge Toogood said the New Zealand court had no view on the merits of the US government's allegations.

Source: The Edge Markets January 20, 2017 06:01 UTC