“I would have thought it doesn't take a high level of intellect to work out that a trustee can't use beneficiaries' money to compensate beneficiaries for the trustee's errors.”
In this case the initial error was to the advantage of the beneficiaries (in the form of an over-distribution they received), not to the advantage of the company and its shareholders, so it was essentially a case of the beneficiaries compensating themselves, i.e., receiving a subsequent lower distribution to offset the unduly higher distribution received prior.
Sure, procedurally not 100%, but hardly an act of egregious malfeasance which defrauded the beneficiaries, or prejudiced them financially in any way.
As for “hopeless performance” and “cavalier attitude” of the CEO, sure it is appalling and unbecoming of a person of his standing, and it certainly warrants strong criticism, but poor performance and cavalier attitude - however unwelcome they are - do not breach any laws, as far as I’m aware.
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“I would have thought it doesn't take a high level of intellect...
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